Thursday, December 03, 2009

Stock Market Commentary: Markets Fail To Budge

The market appears to be waiting for bulls to make one of their typical 'in-your-face' rallies but so far no-bull has decided to turn up. The longer this impasse continues the more likely bears will take their chances and start selling into what vestiges of strength remain. The past two days in the Nasdaq illustrate this malaise as buyers refuse to take the market past bear trap highs.


Very neat resistance in the S&P combined with significant distribution.


However, the semiconductors continue to do their bit, although they can't do it alone.


Eight weeks of stagnant action will soon see leading indices run into 6-month rally support - at that point bulls will have to make a stand if this rally is to continue.


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