Stock Market Commentary: Shooting Stars Small Caps & Semiconductors
($SOX)
via StockCharts.com
Small Caps also finished with a shooting star. After 4-days of gains it's probably set for a down day Tuesday; rising support may be tested then too.
($RUT)
via StockCharts.com
The Dow finished with a similar bearish set up. Unlike the aforementioned indices this has already fallen out of its February rising channel and looks already to be rolling over in a topping pattern.
($INDU)
via StockCharts.com
Breadth indicators continued their ascent and I have redrawn the bearish divergence in the Percentage of Nasdaq stocks above 50% although the original bearish divergence in the MACD remains. The indicator itself is whipsawing around its 5-day EMA with fewer stocks partaking in this rally than during the last market peak in January
Nasdaq Percent of Stocks Above 50 Day Moving Average
via StockCharts.com
So while the rally has support to look too I suspect Tuesday will see a lower close.
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