Daily Market Commentary: Low Key Day
It felt like the Bank Holiday in the U.K. seeped into Monday's U.S. trading. Markets experienced small losses on light volume. The only exception was the Nasdaq which edged a tiny gain on higher volume accumulation, but it didn't change anything with respect to the market making a new high (or low).
The S&P didn't do much, but what it didn't do is more interesting. The 20-day MA is only a few points away and if it breaks there is a big gap down to the 50-day MA and rising channel support.
The Russell 2000 was nondescript. The 820-826 zone is defining the index and currently is resistance.
Indices still look like they want to push higher. If there is a break lower, the S&P will be the index likely to suffer most (given the gap between 20-day and 50-day MAs).
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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 didn't do much, but what it didn't do is more interesting. The 20-day MA is only a few points away and if it breaks there is a big gap down to the 50-day MA and rising channel support.
The Russell 2000 was nondescript. The 820-826 zone is defining the index and currently is resistance.
Indices still look like they want to push higher. If there is a break lower, the S&P will be the index likely to suffer most (given the gap between 20-day and 50-day MAs).
---
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!
