Saturday, December 19, 2009

Weekend Market Commentary: Nasdaq 100 leads the Markets

More of the same for the averages. On the weekly time frame the Russell 2000 remains the one to watch - a third resistance level is about to interact with converged neckline and horizontal resistance. A decisive break would give other indices a psychological boost.


The Nasdaq is up against early 2008 trading range resistance and may yet break through. A MACD 'buy' in histogram may yet preempt the break but there has been enough buying in recent weeks to consume the supply it is currently experiencing.


The Nasdaq 100 is showing the Nasdaq the way and is on course to test 1,978 resistance - the first of two reaction highs from 2008.


With the Nasdaq 100 pushing ever higher it suggests both the Nasdaq and Russell 2000 will find enough to break their relevant resistance levels. Maybe Santa will make an appearance after all?


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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