Wednesday, February 24, 2010

Stock Market Commentary: Recovers But New Down Channels Intact

Although markets regained much of the ground lost yesterday there wasn't the move to break the newly formed down channels. Buying volume in the Nasdaq was substantially down on yesterday's selling.


But it registered as accumulation for the Nasdaq 100


Small Caps are best positioned to break higher


Channel resistance and the 50-day MA keep the S&P pegged after its almost 1% gain.


So while gains were respectable the down channels drawn yesterday are still in play for key indices.


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