Sunday, March 06, 2011

Weekly Market Commentary: Higher Volume Accumulation - But Little Change

Plenty of huff, but not alot of puff as markets enjoyed some higher volume accumulation, but were unable to add some points on the board. The Nasdaq remained hemmed in by resistance.

Nasdaq

via StockCharts.com

As the Nasdaq Bullish Percents gave their first 'sell' signal (the MACD)

($BPCOMPQ)

via StockCharts.com

The Russell 2000 is holding support of spike lows to 800.

($RUT)

via StockCharts.com

Meanwhile the S$P is doing a good job of defending 1,300.

($SPX)

via StockCharts.com

As the S&P Bullish Percents succumb to a 'sell' trigger in the MACD.

($BPSPX)

via StockCharts.com

So not much change on the week - bulls defended lows for a second week which offers something on which to build. But with market breadth continuing to breakdown (bullish percents are bearish like the percentage of stocks above the 50-day MA) any push higher might be short lived.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.

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