Daily Market Commentary: Quietly Bullish
There wasn't a whole lot of movement in the market, but what movement there was - was higher. Volume also came in lighter. Markets are still nicely poised for another leg higher, and the tight action of recent days allow for a reasonably tight stop.
The Russell 2000 is still the best positioned index to gain. It remains tied to its 50-day MA, with a very tight bullish flag. Technicals all bullish.
The Nasdaq staged a recovery to its 200-day MA. The falling 50-day MA is nearby to add selling pressure, and the dreaded "Death Cross" looms on the horizon.
The S&P is about to test the strength of supply at its 50-day MA. Given the action in the Russell 2000, there is a good chance the S&P will be able to push through.
Tomorrow should see bulls continue their run of form. The Russell 2000 remains the index of choice for buyers as it leads relatively.
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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 is still the best positioned index to gain. It remains tied to its 50-day MA, with a very tight bullish flag. Technicals all bullish.
The Nasdaq staged a recovery to its 200-day MA. The falling 50-day MA is nearby to add selling pressure, and the dreaded "Death Cross" looms on the horizon.
The S&P is about to test the strength of supply at its 50-day MA. Given the action in the Russell 2000, there is a good chance the S&P will be able to push through.
Tomorrow should see bulls continue their run of form. The Russell 2000 remains the index of choice for buyers as it leads relatively.
---
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!
