Saturday, March 06, 2010

Weekly Market Commentary: Pushing new highs

It was left to small caps to lead and lead they did. The week closed with an almost 6% gain for the Russell 2000 which was enough to return a MACD trigger 'buy' and negate 2008 reaction lows as resistance. Is next resistance up around 750?


The positive move from small caps filtered down to Tech


But large caps still lagged


Market Internals were left either overbought (although there was a Confirmed 'Buy' signal)


or close to resistance with significant bearish divergences at play



But momentum is with the bulls for now.

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