Wednesday, March 11, 2015

Decline Slows

Yesterday's selling continued into today, but there was limited follow through downside in the indices. Selling volume in the S&P was down on yesterday, although there was no clear price support.


The Nasdaq also took a modest decline, but whether it forms a swing low at today's low will not be dependent on any clear available support; a tag of 4,800 would be better.


The Russell 2000 was the only index to post a gain, after a successful test of the 50-day MA. Not surprisingly, there was a sharp gain the relative performance of this index to Tech and Large Caps indices. It's positioned to create a 'bear trap' if it can close above 1,220 tomorrow.


Given today's action, it's nicely set up for the Russell 2000 tomorrow.

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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