Thursday, May 10, 2012

Daily Market Commentary: Stalled Advance

There was a bullish setup on Wednesday's close for the likes of the Russell 2000 and Semiconductor index, but after a bullish start markets drifted lower by the close.

The S&P finished with an inside day which in itself is bullish; stops on a loss of yesterday's low.


The Nasdaq started with a gap higher, but it couldn't push the advantage and technicals failed to improve.


It was the same story for the semiconductor index, but until it breaks yesterday's low it remains 'long' favoured.


It was the same story for the Russell 2000 with yesterday's low the stop for a long position.


It's looking like a case of rinse and repeat for Friday.  Today wasn't great, but it didn't change anything either. Semiconductors and Russell 2000 are best placed for potential buyers.

---

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!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c