Monday, March 15, 2010

Stock Market Commentary: Stubborn Bulls

Bulls just don't want to let go of this rally, but letting go is perhaps the best thing they could do at this stage. It was commendable for the S&P the initial selling didn't stick; closing on resistance for a third day. Can it build with a breakout as has passed for Tech and Small Cap indices?


Similar story for the Nasdaq except it has already broken past resistance - watch for test of 2,323 support


Although the semiconductor index did not fare so well, it lost 1.4% bringing it back to the golden cross between its 50-day and 20-day MAs. Watch for a developing triangle consolidation which will likely mean sideways action for the Nasdaq and Nasdaq 100


Tuesday will likely see another challenge on Monday's lows unless the S&P can break resistance - in which case all key indices will be in alignment, providing the momentum to keep the rally rolling for another day.

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