Tuesday, October 02, 2012

Daily Market Commentary: Toiling

Yesterday's failure to hold morning gains extended into today.  An early attempt to push into yesterday's highs didn't stick but markets were resilient enough to close the day flat. Volume was light, fitting with a consolidation. Nothing more to add other than the charts.

Is the S&P marking a 'bear' flag? I still think it will push down to rising channel support.


It's a similar story for the Nasdaq, although the 'bear flag' is trading close to rising channel support.


The Russell 2000 is also mapping a 'bear flag'.


Watch for breaks in these flags and play for a move to channel support. Stops go on a close above the 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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