Daily Market Commentary: False Dawn
A fake-out by bulls? A big gain for the Russell 2000 suggested there was real buying at work in the market. But looking at the volume gain in the other indices, the buying in the Russell 2000 might not be so bright. Technically, the Russell 2000 remains weak with the bounce off the 20-day MA the only source for optimism. The downside break of the rising channel remains.
($RUT)
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($RUT)
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Action in the Nasdaq failed to impress. The narrow doji has the look of a 'shooting star' with a strong chance of a gap down tomorrow.
($COMPQ)
via StockCharts.com
The SP managed small gains, but not enough to break highs (although enough for a new closing high).
($SPX)
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With election results likely to trickle in it's hard to see a positive spin on the outcome. Sellers have the easier choice - is there a belief something positive could come out of the election results? I doubt it.
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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.
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