Thursday, August 13, 2009

Stock Market Commentary: Pressuring Resistance

Whether the markets evolve into a form of broadening pattern, or play to a sideways consolidation, there is a growing pressure to push prices higher. The Nasdaq and Nasdaq 100 closed with doji, but the semiconductor index posted a 2.2% gain to finish above its 20-day MA; lowering the risk the Nasdaq and Nasdaq were to follow suit after the semiconductor moving average loss.


Other indices did little. The S&P is close to a MACD trigger 'sell', but other technicals are firm.


Volume was lighter, ranking Thursday as a consolidation. Will Friday see a flourish to end the week?

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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