Stock Market Commentary: Techs, Semis and Small Caps Struggle.
With traditional bull market leaders breaking down it's not looking good for bulls. Further selling saw breaks of the 20-day MA on heavier volume distribution for the Nasdaq and Nasdaq 100 (the latter to a lesser degree).
The loss of the 50-day MA for semiconductors suggest a similar fate is in store for the tech averages
Similarly, small caps took a further knock as its 50-day MA was comprehensively sliced.
As September/October reaction lows are tested a better picture of double tops - and the potential for measured moves down - will become apparent. But it's looking like a top is in place with just large caps hanging on; the Dow was able to dig in heels at its 20-day MA
But for how long?
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.
The loss of the 50-day MA for semiconductors suggest a similar fate is in store for the tech averages
Similarly, small caps took a further knock as its 50-day MA was comprehensively sliced.
As September/October reaction lows are tested a better picture of double tops - and the potential for measured moves down - will become apparent. But it's looking like a top is in place with just large caps hanging on; the Dow was able to dig in heels at its 20-day MA
But for how long?
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.
