Wednesday, February 17, 2010

Stock Market Commentary: Market Pause

After the gains of the last few days markets took a pause at 50-day MAs. This was epitomised by the Nasdaq which closed on a neutral doji - on low volume - just below the 50-day MA. If there is a note of optimism its the pending stochastic 'buy' which will help a challenge on the 50-day MA.


Performing better was the Russell 2000 which saw further gains after yesterday's break of the 50-day MA. Adding to the bullish picture was the net turn in technicals with the stochastic and ADX 'buy' following the MACD and CCI 'buys' from before.


Also improving is market breadth; the Percentage of Nasdaq stocks above the 50-day MA, Nasdaq Bullish Percents and the Nasdaq Summation Index have all crossed their 5-day EMAs. None are in deep oversold territory but each are at levels where the rally could last a little longer than just the past few days.



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