Thursday, July 01, 2010

Daily Market Commentary: Bulls Have and Angle

It had to happen at some point that after a sharp drop bulls would have something to offer. Thursday's close looks like such an opportunity.

Today's bullish hammer in the S&P was accompanied by some higher volume trading which bodes well for Friday.

($SPX)

via StockCharts.com

The Nasdaq finished on trendline support although it was a bumpy ride intraday. Technicals remain weak.

AAAAAAAAC Nasdaq Composite ($COMPQ): "

via StockCharts.com

"

The Russell 2000 similarly finished with a bullish hammer.

AAAAAAAAD Russell 2000 Small Cap Index ($RUT)

via StockCharts.com

Even the Nasdaq 100 looks tempting

($NDX)

via StockCharts.com

Bulls have a simple task; buy break of today's highs with a stop below lows. Resistance starts at May-June support then 20-day MAs. Long term, the bullish picture continues to deteriorate.

Follow Me on Twitter

Build a Trading Strategy Business in Zignals



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!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c