Thursday, May 28, 2009

Market Sentiment: Trend in Percentage of Stocks above 50-day MA firmly bearish

The indices are trading within narrow ranges but sentiment has certainly shifted bearish. The Percentage of Nasdaq stocks above the 50-day MA has continued to trade down from its May high - helped by the Summation Index.

The same is true for the S&P:

Reasons not to be a buyer. But is it a reason to sell?

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.