Thursday, September 10, 2009

Stock Market Commentary: Five Up Days In A Row

The bulls have thrown the form book out of the window with the Nasdaq pushing a new closing high with a fresh MACD 'buy' signal. Volume was down on yesterday but well up on the prior week (with the exception of last week's distribution day)


The Dow did register an accumulation day and is very close to a MACD trigger 'buy'


The best news came from Small Caps with solid highs on a fresh MACD trigger 'buy'; but in addition, relative strength swung in favour of small caps over tech and large cap stocks - the most bullish alignment for the markets.


Bulls have steered this rally back on course with some respectable volume. Bears must be fuming given there is still plenty of momentum (and support) to push this higher.

Rally intact.


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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