Saturday, November 28, 2009

Weekend Market Commentary: Fun Next Week!

The Dubai effect won't really be known until Traders come back from their vacation. Friday's action set the tone given it bucked the traditional positive 'Black Friday'; although the gap and rally will have felt the same to some. On a weekly basis there was very little change. The only index to experience a change was the MACD trigger 'sell' in the Nasdaq 100

Breadth indicators still point towards a considerable correction ahead. The Nasdaq Bullish Percents have broken technical support and are a long way from reaction low support.

The Summation Index is stuck half-way between highs and lows, but is trending lower.

Even the Percentage of Stocks above the 50-day MA is no longer oversold.

Roll on next week...

Dr. Declan Fallon, Senior Market Technician, November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new 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.