Stock Market Commentary: Bullish Percents add to Bearish Pressure
There was confirmation in the bear cross of the 5-day EMA in the Nasdaq Bullish Percents with a MACD trigger 'sell' and a rebound off declining resistance. Bullish Percents are still in overbought territory with bearish pressure likely to push this lower before a firm buying opportunity presents itself in the Nasdaq.
This adds to the previous 'sell' triggers in the Summation Index
And Percentage of Stocks above the 50-day MA.
The Nasdaq itself had another mixed day with higher volume churning. It still could go either way but the failure for even an intraday cross of the 50-day MA is a little worrying.
The Russell 2000 suffered a more concerted sell off as it closed below its 50-day MA
The S&P still looks to provide the best rebound buying opportunity as channel support held.
Even with the selling pressure the environment probable still favors buyers in the short term.
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This adds to the previous 'sell' triggers in the Summation Index
And Percentage of Stocks above the 50-day MA.
The Nasdaq itself had another mixed day with higher volume churning. It still could go either way but the failure for even an intraday cross of the 50-day MA is a little worrying.
The Russell 2000 suffered a more concerted sell off as it closed below its 50-day MA
The S&P still looks to provide the best rebound buying opportunity as channel support held.
Even with the selling pressure the environment probable still favors buyers in the short term.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets under the user id: ‘Fallond’, ‘ETFTrader’ and ‘Z_Strategy’ available through the latest rich internet application for finance, the Zignals Dashboard; many are ranked in the top-20 for 3-month and YTD performance.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com; ranked top-20 software product out of 285 listed. Join today - it's free!
