Thursday, April 21, 2011

Daily Market Commentary: Small Gains on MACD 'Buy's

Markets held all of yesterday's gains and added a little more. Volume dropped, but for many indices there was a technical improvement with new MACD trigger 'buys' in particular. The S&P was the perfect case in point.

($SPX)

via StockCharts.com

The Nasdaq did likewise. There was even a push into the February breakdown gap which negated what had looked to have been an April bull trap.

($COMPQ)

via StockCharts.com

The Russell 2000 had a quiet day with little technical change. A challenge on 855 is next and today's modest gain took it a little closer to this goal.

($RUT)

via StockCharts.com

The Dow took itself further away from 12,400 support. It too enjoyed a MACD trigger 'buy'

($INDU)

via StockCharts.com

Only the semiconductor index eased a little lower at 50-day MA resistance, but yesterday's breakout held.

AAAAAAAAG Semiconductor Index - Philadelphia ($SOX)

via StockCharts.com

With the wind on their backs bulls may look to push on Monday. Shorts beware.

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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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