Monday, January 06, 2014

Daily Market Commentary: Third Loss in a Row

Today saw further small losses, to the point the Nasdaq is making a test of channel support, and the Nasdaq 100 is down at its 20-day MA. The Nasdaq 100 also saw 'sell' triggers in its MACD and On-Balance-Volume.


The test of the Nasdaq also coincided with a relative shift towards the S&P.


Small Caps finished with a bearish engulfing pattern, although the strength of this candlestick pairing is weakened by neutral stochastics. It also finished on support of the November swing high.


For Tuesday, look for buying opportunities in the Nasdaq, Nasdaq 100 and Russell 2000. But, very little going on otherwise.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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