Daily Market Commentary: Confirmed Distribution

Today's selling didn't result in significant point losses for the indices, but the volume was enough to rank as distribution for the S&P.

The S&P also suffered a MACD trigger 'sell' with a relative swing away from Small Caps to Large Caps (bearish).


The Nasdaq also shed 0.5%, but didn't suffer the bearish turn in indicators as for the S&P


While the Russell 2000 gave up a little more than the aforementioned indices, but did enough to retain 833 support.


In my piece on the Zignals blog I talked about the status of the S&P and its bullish outlook for the coming 12 months. So while the bulls hold short term control, it's not going to be a bad thing if indices enter a more protracted decline. However, neither of these cases are of concern for tomorrow; Thursday's challenge is holding breakout support - the Russell 2000 in particular.

----

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!

Popular posts from this blog

Nasdaq primed for breakout

S&P "Bull Trap"?

"Black Candlesticks" are a concern for the S&P and Nasdaq

Archive

Show more