Thursday, April 04, 2013

Daily Market Commentary: Modest Recovery

There was some digging in of heels at support, but buying volume was light.

The S&P held its 20-day MA. On-Balance-Volume switched back in favour of a 'buy', although this particular indicator is in whipsaw territory.


Meanwhile, the Nasdaq held on to wedge support, with the low of the day just missing out on a touch of the 50-day MA.


Finally, the Russell 2000 dug in at its 50-day MA.


Nothing too surprising on today's action, but light volume suggested the buying lacked conviction. Look for the decline to continue.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. You can read what others are saying about Zignals on Investimonials.com.

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