Weekly Stock Commentary: No Major Break

No significant change on the weekly picture. What I am liking most is the developing Adam-Eve bottom in the Nasdaq 100 even if the earlier 'buy' signal was weakened by the return of stochastics to oversold territory; watch for the break of resistance


There is a case for a breakout in the S&P:


The Percentage of Nasdaq stocks above the 50-day MA is overbought and this does at least point to an upcoming period of weakness, although stochastics suggest there is a little more upside in the near term (the S&P version hasn't quite touched overbought levels).


But the indices themselves suggest this pullback will be a buying opportunity.


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

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