Daily Market Commentary: Light Volume Selling
Selling was focused in Large and Small Caps, but Tech Stocks were relatively immune.
The S&P fell back to its 20-day MA with a MACD trigger 'sell' to accompany the selling. The next step is rising channel support.
The Nasdaq still has room to run to support.
Small Caps also have room to run to support, but continue to sharply underperform relative to Technology. However, Small Caps do slightly better against Large Caps.
The Nasdaq 100 sits at an interesting juncture, the sell off has taken the index down to former channel resistance which offers a long side opportunity.
A day trade long opportunity may be available for the Nasdaq 100 at the channel line and the S&P 20-day MA.
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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 fell back to its 20-day MA with a MACD trigger 'sell' to accompany the selling. The next step is rising channel support.
The Nasdaq still has room to run to support.
Small Caps also have room to run to support, but continue to sharply underperform relative to Technology. However, Small Caps do slightly better against Large Caps.
The Nasdaq 100 sits at an interesting juncture, the sell off has taken the index down to former channel resistance which offers a long side opportunity.
A day trade long opportunity may be available for the Nasdaq 100 at the channel line and the S&P 20-day MA.
---
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!
