Monday, November 02, 2009

Stock Market Commentary: Scrappy action

With a few minutes left to go it looks like bulls are creating demand at support. The Nasdaq is lingering around a convergence of horizontal resistance at 2,050 and rising channel support. However, supporting technicals are net negative; the last such change to net bullish was over 6-months ago.


The Dow is defending its 50-day MA but has struggled to make back early day gains. However, it's technicals are clinging to net bullish.


But the S&P has turned technical net negative


While the Russell 2000 is on course for the 200-day MA


Today looks like a pause in the downward trend.


Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade to the site on the course to becoming the eBay of finance with our new Beta MarketPlace and the first real rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.

 
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