Daily Market Commentary: Low Volume Recovery
Yesterday's decline was undone by a fresh round of low volume buying. Large Caps were again the main beneficiaries but all indices posted gains.
The Russell 2000 started the day below its 200-day MA but managed to do enough to close above this key long term moving average. Today's low is a good place for a stop if looking at a longer term buy-play. There was a resistance breakout in the MACD trigger line.
The Nasdaq is setting itself up for a channel breakout with the MACD trigger 'buy' and a pending On-Balance-Volume 'buy'.
The S&P managed to recover the most ground to Monday's losses. The 20-day MA held as support with the next upside target the 50-day MA.
For Wednesday, look to Large Caps to press their gains and drag Tech indices and Small Caps along for the ride.
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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 Russell 2000 started the day below its 200-day MA but managed to do enough to close above this key long term moving average. Today's low is a good place for a stop if looking at a longer term buy-play. There was a resistance breakout in the MACD trigger line.
The Nasdaq is setting itself up for a channel breakout with the MACD trigger 'buy' and a pending On-Balance-Volume 'buy'.
The S&P managed to recover the most ground to Monday's losses. The 20-day MA held as support with the next upside target the 50-day MA.
For Wednesday, look to Large Caps to press their gains and drag Tech indices and Small Caps along for the ride.
---
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!
