Saturday, February 14, 2009

Weekly Stock Commentary: Breadth weak

There wasn't much change on the weekly charts as indices unwound most, if not all of the previous week's gains. It looks like the indecisiveness will continue for another week as breadth indicators either stalled at resistance or remained in neutral territory. The Nasdaq 100 looks to be the only index making an effort and did enough to register a 'buy' signal:

The weekly Nasdaq Summation Index (NASI) stalled bang on declining resistance

But the NYSE Summation Index fell short of resistance, but is closer to overbought than oversold

Weekly breadth favours bears as the market shifts sideways. Buyers beware.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website