Wednesday, November 23, 2011

Happy Thanksgiving

Hope everyone has a great long weekend!

While I remain optimistic for Friday's half-day of trading it would have taken a brave person to take a position at today's close.  Volume was light, which was no surprise.  

Even if Friday turns into a good day for bulls, the longer term picture still points towards lower prices. The gap in the Nasdaq following the loss of the 50-day MA has the look of a measuring gap, which means a downward target of 2,400. Like the Nasdaq 100 yesterday it turned net bearish technically.


While the Nasdaq 100 looks on course to test broadening wedge support


The S&P had a rough day as it also turned net bearish technically.


While the October swing low at 600 is acting like a Sirens call for the Russell 2000


Bears have been turning the screw every day for the past week, bulls should get a brief respite on Friday before bears return Monday.  Santa could do with an early call!

Enjoy the holiday and enjoy Thursday games!

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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 Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.


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