Thursday, August 20, 2009

Stock Market Commentary: Close above 20-day MAs

There was a respectable follow-on to Wednesday's gains. The Nasdaq was able to make it above 20-day MA.


The Nasdaq 100 did likewise but the Semiconductor index was unable to break above its 20-day MA after its third day of gains. However, there was a CCI 'buy' signal, backed by weak bullish crossover in trend strength (+DI > -DI) for the latter index:


The Dow is showing some interest as it approaches rising channel resistance; an upside break would mark another, sharper, trend shift.


So is it going to take a fall H1N1 outbreak to knock the market out of its stride? Bears are again feeling the squeeze.

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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