Thursday, February 18, 2010

Stock Market Commentary: 50-day MAs Break

It was a good day for markets as recent gains continued. The Nasdaq was able to break through its 50-day MA as technicals turned net bullish. Volume was a little disappointing and has been below the level of preceding selling.


The Dow was able to do likewise, closing above its 50-day MA as its technicals turned net green.


If there is a spanner in the works its the semiconductor index. On the plus side supporting technicals are net bullish, but it failed to close above its 50-day MA.


It was the same story for the S&P


With small caps and technology indices leading there is a good chance the S&P and Semiconductor index will follow suit tomorrow. The kicker is the lack of volume but so far the rally from March 2009 has maintained its sequence of higher highs and higher lows and until it proves otherwise it's still intact.


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