Wednesday, December 02, 2009

Stock Market Commentary: Indecision in Primary Indices, but Breakout in Semiconductors

While the Nasdaq, Nasdaq 100, Dow and S&P did very little today - each closing on neutral doji on lower volume, there was something more from the semiconductor index. The SOX managed a decisive break from its declining channel and is well placed to challenge 52-week highs c337.


Strength in the semiconductor index should help the lagging Nasdaq and Nasdaq 100.

The Russell 2000 crept over its 50-day MA but is still contained by a trading range and has work to do if it is to challenge Sep/Oct 52-week highs.


If markets are to push higher they will need to so quickly or momentum will be lost - todays' doji were such instances of stalling momentum for the leading indices.


Dr. Declan Fallon, Senior Market Technician, Zignals.com. 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.

 
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