Tuesday, December 14, 2010

Daily Market Commentary: Nothing Changes

After Friday's modest push higher, Mondays' gains were barely audible. The S&P closed with a small doji - a possible shooting star - but nothing too convincing.

($SPX)

via StockCharts.com

The Nasdaq closed with a bearish cloud cover on higher volume distribution. Support at 2,579 carries greater weight than today's suggestive bearish turn.

($COMPQ)

via StockCharts.com

The semiconductor index is holding to channel resistance and is looking towards the 20-day MA and/or lower channel support.

($SOX)

via StockCharts.com

As for tomorrow, look for more of the same with bulls keeping control (with the possible exception of the semiconductor index).

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!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c