Weekly Market Commentary: Buyers Drive Markets Higher
It was a good week for market bulls. The Nasdaq broke past the lower of the two resistance highs of 2008 but finished just high of the 2008 high. If the Nasdaq can crack 2,535 it will be racing towards pre-recession highs (unbelievable!)
Nasdaq
via StockCharts.com
The Nasdaq 100 went further; it cracked the 2008 high and is on the way to testing the second of two reaction highs of 2007.
($NDX)
But the S&P is significantly lagging, lying a few points off resistance / former support, which broke during the 2008 credit crisis crash.
($SPX)
via StockCharts.com
Small Caps closed the week up almost 4% but has room to maneuver to 2008 highs
($RUT)
via StockCharts.com
Market Breadth indicators are mixed. The Percentage of Nasdaq Stocks above 50-day MA is still pegged by declining resistance from 2009
($NAA50R)
via StockCharts.com
Although the Nasdaq Summation Index has pushed a new multi-year high.
Nasdaq Summation Index (Ratio Adjusted) ($NASI)
via StockCharts.com
With the Nasdaq 100 leaving 2008 behind the challenge for other indices is to follow suit. It's hard to believe the markets can consign 2008 to history but that is what the Nasdaq 100 has done. Would you rather be a seller or buyer?
Buyer beware.
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Build a Trading Strategy in Zignals; Read how and earn real money (once out of Beta) in this PDF.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too.
Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash.
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Nasdaq
via StockCharts.com
The Nasdaq 100 went further; it cracked the 2008 high and is on the way to testing the second of two reaction highs of 2007.
($NDX)
But the S&P is significantly lagging, lying a few points off resistance / former support, which broke during the 2008 credit crisis crash.
($SPX)
via StockCharts.com
Small Caps closed the week up almost 4% but has room to maneuver to 2008 highs
($RUT)
via StockCharts.com
Market Breadth indicators are mixed. The Percentage of Nasdaq Stocks above 50-day MA is still pegged by declining resistance from 2009
($NAA50R)
via StockCharts.com
Although the Nasdaq Summation Index has pushed a new multi-year high.
Nasdaq Summation Index (Ratio Adjusted) ($NASI)
via StockCharts.com
With the Nasdaq 100 leaving 2008 behind the challenge for other indices is to follow suit. It's hard to believe the markets can consign 2008 to history but that is what the Nasdaq 100 has done. Would you rather be a seller or buyer?
Buyer beware.
Follow Me on Twitter
Build a Trading Strategy in Zignals; Read how and earn real money (once out of Beta) in this PDF.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too.
Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash.
Read what others are saying about Zignals on Investimonials.com. JOIN US TODAY - IT'S FREE!
