Wednesday, August 19, 2009

Stock Market Commentary: Gains on Accumulation

The Nasdaq closed with a weak bullish engulfing pattern (the Nasdaq is not oversold) on higher volume accumulation. The 20-day MA remains an overhead challenge but the broader rising channel from April is the dominant trend at play here (and in other indices)


However, the Dow was able to regain its 20-day MA which bodes well for the Nasdaq and Nasdaq 100


The Russell 2000 too closed above its 20-day MA


But the semiconductor index has work to do


Richard Lehman has the current market picture down to a 'T'. Watch how the 5-minute channels play out as today demonstrated picture perfect reversals off channel resistance.

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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