Daily Market Commentary: Second Day of Rest

Bulls are afraid to stick their head above the parapet for fear of getting shot, but it would appear there are no bears to shoot them down. Markets traded around yesterday's range which suggests bulls still have control - it's just they don't know it!

The Dow sticks to the upper channel as technicals hold.

($INDU)

via StockCharts.com

Small Caps were similarly resistant

($RUT)

via StockCharts.com

The S&P had little to add - other than a 'Sell' in on-balance-volume.

($SPX)

via StockCharts.com

Another day when sellers fail to appear, another day which suggests bulls will take this higher.

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 quote 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!

Popular posts from this blog

Nasdaq primed for breakout

S&P "Bull Trap"?

"Black Candlesticks" are a concern for the S&P and Nasdaq

Archive

Show more