Monday, November 11, 2013

Daily Market Commentary: Roll Friday into Tuesday - Little to add for today

Out of today's action - the Dow might give shorts something to work with on Tuesday. The Veteran's day holiday was unlikely to generate a follow through day from Friday, but did well not to give back gains, which often happens in the absence of active buyers - irrespective of selling action. This makes any short position a considerable risk, but at least at today's close the risk of such short plays is low.


The Nasdaq is still holding the 'bull trap', but is also above its 20-day MA. It has weaker short potential than the Dow, but not void of potential.


The Russell 2000 is just below minor channel resistance and its 20-day MA. However, the reward potential is the lowest of the indices.


Today's action does suggest bulls have control of the market, but shorts may be able to sneak a trade from under the nose of bulls, with the opportunity available at today's close.

---

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