Daily Market Commentary: Little Change
Not a whole lot you can say about today. After yesterday's whopper day it was always going to be tough to get a repeat of the buying, but the good news is it didn't give up any of those gains either.
The S&P is honoring declining resistance (from the 'bull trap' highs). On-balance-volume switched back to a 'sell' trigger.
The Nasdaq was able to push above 2,616, bringing with it a 'buy' trigger in the +DI/-DI and Stochastics.
Nasdaq Breadth also improved, although the recovery is not from an oversold position, this may shorten the length of the bounce.
While the Nasdaq 100 was able to push above its 200-day MA (not to mention its 20-day and 50-day MAs too), but is still contained by 2,320 resistance.
Finally, the Russell 2000 stays pegged to resistance aswell.
Because of the minor losses the indices are well placed to push higher and break resistance. Given the influence of European troubles on the U.S. market, futures should give a good indication as to what to expect.
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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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The S&P is honoring declining resistance (from the 'bull trap' highs). On-balance-volume switched back to a 'sell' trigger.
The Nasdaq was able to push above 2,616, bringing with it a 'buy' trigger in the +DI/-DI and Stochastics.
Nasdaq Breadth also improved, although the recovery is not from an oversold position, this may shorten the length of the bounce.
While the Nasdaq 100 was able to push above its 200-day MA (not to mention its 20-day and 50-day MAs too), but is still contained by 2,320 resistance.
Finally, the Russell 2000 stays pegged to resistance aswell.
Because of the minor losses the indices are well placed to push higher and break resistance. Given the influence of European troubles on the U.S. market, futures should give a good indication as to what to expect.
---------
Follow Me on Twitter
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.
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 strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
