The S&P is well above declining resistance, turned support, although On-Balance-Volume again switched to a 'sell' trigger.
The Nasdaq is still protecting the large breakout gap. Although it's struggling a little to reverse the downward trend for On-Balance-Volume.
While the Russell 2000 traded in a very narrow intraday range. This is looking very bullish.
For Tuesday, watch for further consolidation. Beware of a big sell off in the first hour, because this could instill fear in the market, and lead to a bigger push into the breakout gaps.
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!