Thursday, November 19, 2015

Minor Losses Across Markets

No follow through, but healthy action saw markets hang on to yesterday's gains. Volume declined to keep sellers at bay.

The S&P is still working off a 'sell' trigger in the MACD and On-Balance-Volume.  However, the index remains above 20-day and 200-day MAs.


It was a similar story for the Nasdaq with 'sell' triggers in On-Balance-Volume and the MACD.  On-Balance-Volume is on the verge of a 'buy' trigger.


The Russell 2000 lost the most ground on the day, but it remains above the 50-day MA. The relative performance against the Nasdaq continued to lose ground, which isn't so good.  The broader market needs Small Caps participation to drive long term gains.  A push above 1,200 is needed sooner rather than later.


Today offered a weak start, but this didn't develop into broader weakness. Tomorrow offers a good chance to push on and to further squeeze shorts.

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

Share on StockTwits

---

Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.

Follow Me on Twitter




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.

JOIN ZIGNALS TODAY - IT'S FREE!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c