Tuesday, May 05, 2009

Stock Market Commentary: Respectable Recovery

Each time the market looks ready to take a punt downwards it surprises and recovers early losses. The Nasdaq held above the 200-day MA on what could be a bearish harami doji but I would take the latter with a huge grain of salt. Volume ranked as distribution but the loss was not as big as had initially looked. Technicals remain firm.


The Nasdaq 100 didn't show any distribution


As a side note, the monthly VIX has the looks a bullish wedge; will we have a rocky summer?


This article from TheBigPicture suggests otherwise.

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