Weekly Market Commentary: Market Top
Nasdaq
via StockCharts.com
Nasdaq Breadth also honored resistance. The Nasdaq Summation Index dropped sharply from resistance
($NASI)
via StockCharts.com
And the Percentage of Nasdaq stocks above the 50-day MA has confirmed its bull trap.
($NAA50R)
via StockCharts.com
The S&P tells a similar bull trap story to the Nasdaq with overbought (and weakening) technicals
($SPX)
via StockCharts.com
S&P Breadth indicators failed to make it to resistance for Summation or Bullish Percent indices. Plus, the Percentage of S&P stocks above the 50-day MA has played to a picture perfect top.
($SPXA50R)
via StockCharts.com
So, the late bullish flourish late last week on the dailies hasn't turned the page on the weeklies. Bears hold control of the main trend.
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