Saturday, January 23, 2010

Weekly Market Commentary: Crack...

Break of rising support for the S&P dating back to March 2009 but volume was not excessive given the significance of the break. A MACD trigger 'sell' accompanied S&P's weakness.


The Nasdaq also lost long term support but volume was light. A MACD trigger 'sell' accompanied its support line break


Resistance in the Percentage of Nasdaq Stocks Above the 50-day MA played to form as the breadth indicator lost 17 points last week; the week finished with 51% of Nasdaq stocks trading above their 50-day MA where a couple of weeks ago the figure was closer to 75%.


The loss was greater in the S&P where a 40 point drop in the Percentage of S&P stocks Trading above their 50-day MA brought this figure to only 40%.


Time for the sideways market to begin?


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