Tuesday, November 12, 2013

Daily Market Commentary: Further Low Key Action

The scale of losses wasn't major, but there was a confirmed distribution day in the S&P (accumulation in the Nasdaq), only because Veteran's day volume was light. The S&P hasn't cleared its handle; neither has it negated its MACD trigger 'sell'.


The Nasdaq similarly was unable to challenge the 'bull trap' despite the higher volume accumulation. Tomorrow is another day for shorts to take a crack at the market.  However, three days of bullish action in a row suggests they won't get much joy.


The Russell 2000 edged the smallest of channel breakouts, but its proximity to the 20-day MA makes the next gain a little harder.  However, if it can break (and hold) the 20-day MA it will give bulls the preferred trade.


The Dow - however - is playing a picture perfect short play.


Again, a repeat of recent days: shorts have a short term opportunity, but bulls hold the longer advantage.

---

All Contributions Welcome - Thank You!
Follow Me on Twitter

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.

JOIN ZIGNALS TODAY - IT'S FREE!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c