Daily Market Commentary: Fails to Hold Gains
It was a disappointing end to the day after a promising start. Indices finished near the days' lows, plus, what buying volume there was, was very light.
The S&P continues to play at converged support of declining trendline and 50-day MA. The 'sell' in the on-balance-volume quickly reversed, although technicals are weakening.
($SPX)
via StockCharts.com
The Nasdaq hasn't yet launched a test of its 50-day MA. How will this play with respect to the S&P remains to be seen? Will the S&P lose 50-day MA support as the Nasdaq tests its 50-day?
($COMPQ)
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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The S&P continues to play at converged support of declining trendline and 50-day MA. The 'sell' in the on-balance-volume quickly reversed, although technicals are weakening.
($SPX)
via StockCharts.com
The Nasdaq hasn't yet launched a test of its 50-day MA. How will this play with respect to the S&P remains to be seen? Will the S&P lose 50-day MA support as the Nasdaq tests its 50-day?
($COMPQ)
via StockCharts.com
Semiconductors didn't even manage to post a gain. A big loss tomorrow could see June support breached. It's looking ugly for the semiconductors, although it may be the first index to truly bottom (and a key one with respect to leading an economic recovery). Semiconductors are pricing expanding trouble in the economy, much more so than the S&P, Nasdaq or Small Caps.
($SOX)
via StockCharts.com
While a second attempt on gains is likely tomorrow, it will need to be backed by volume if a rally is to build from here.
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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.
Zignals offers a full suite of FREE 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.
You can read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!
