Daily Market Commentary: Lost Gains
Poor housing data undid all the gains from yesterday and left the nascent rally vulnerable to further losses. The two consolations were losses were confined to the beginning of the day and didn't accelerate beyond the open, and selling volume was lighter than prior buying volume.
Despite the losses, relative strength swung back towards Large Caps and away from Small Caps.
Small Caps reversed hard without ever really challenging its 20-day MA (or former wedge support).
While the Nasdaq was left in the middle of its channel, although it did do enough to see a MACD trigger 'buy'.
The tight action - despite the loss - offers a swing trade opportunity buying/selling on a break of Wednesday's high/low with a stop on the flip side.
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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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Despite the losses, relative strength swung back towards Large Caps and away from Small Caps.
Small Caps reversed hard without ever really challenging its 20-day MA (or former wedge support).
While the Nasdaq was left in the middle of its channel, although it did do enough to see a MACD trigger 'buy'.
The tight action - despite the loss - offers a swing trade opportunity buying/selling on a break of Wednesday's high/low with a stop on the flip side.
----
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!
