Friday, February 06, 2015

Briefly...

My internet connection is real slow at the moment, so it's taken twice as long to do anything. As a result, I don't have time to take a look at the charts. One chart I am watching closely is the Percentage of Nasdaq Stocks above the 50-day MA. Today saw a net bullish return for technicals, but bulls need this to hold above 50% to suggest they are in control.


The Russell 2000 gave a taste of what is to come by breaking from the first of its bases. This is good news for the S&P and Nasdaq as money flows into more speculative issues. Next up is 1,220.


The Nasdaq is challenging the January swing high, but will face a greater challenge at 4,810. Technicals still show bullish 'buy' triggers, most recently in the MACD.


The S&P finished the day bang on resistance. Will tomorrow be the day?


Tomorrow looks like it will be left to bulls to press today's advantage. The S&P is best positioned to follow the lead in the Russell 2000, but the Nasdaq is not too far behind!

You've now read my opinion, next read Douglas' and Jani's.

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

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