Wednesday, November 17, 2010

Daily Market Commentary: Pause in the Decline

After yesterday's drop markets took a breather. The S&P didn't make it down to the 50-day MA at 1,166 but today's narrow range doji is a swing trade opportunity.

($SPX)

via StockCharts.com

The Dow was the first of the lead indices to test its 50-day MA. Good prospects for bulls tomorrow.

($INDU)

via StockCharts.com

The Nasdaq closed with a doji, but is in a no-mans land between 50-day and 20-day MAs.

($COMPQ)

via StockCharts.com

Tomorrow could go either way but trading breaks of today's high/lows with stops on the flip side offers opportunity. The Dow offers the best opportunity for bulls given it finished on its 50-day MA.

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