Sunday, August 12, 2012

Weekly Market Commentary: Modest Gains

The week finished with a small gain for the indices.  Vacation trading means any substantial move is going to struggle to gain momentum until September rolls in.

The Dow is nicely primed for a breakout, although volume will need to be more inspiring than recent weeks.


The Russell 2000 had little to show other than a MACD trigger 'buy' on the weekly timeframe.  However, Stochastics are still working off an overbought condition so it's not an ideal time to be buying given the last swing high failed to make it into overbought territory.


The Nasdaq had probably the best of the weeks action, gaining almost 2% on okay volume.  It too saw a MACD trigger 'buy'.


Although Nasdaq Market Breadth was little changed.  The Summation Index is a good example of this


The S&P, like the Dow, is ready to break.


Next week will be important for those S&P and Dow breakouts.

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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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