Monday, May 04, 2015

Promising Start Gives Way To Late Selling

It was a bit of a non-event for indices as early gains were unable to hold by the close of business. As a result, some of the challenges on highs faded and all indices remained inside prior consolidations. Volume was also down on Friday's, which kept things muted.  For example, the S&P touched on 2120 resistance, but finished below this level.


The Nasdaq is stuck in the middle of its bearish rising wedge


While the Russell 2000 was unable even to mount a challenge of overhead resistance at 50-day or 200-day MAs.


The Semiconductor Index remained pegged by its 50-day MA.


Today was more noise in an already noisy market. We need a decisive break of either support or resistance to get the juices flowing.

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. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.

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