Tuesday, January 13, 2009

Stock Market Commentary: Status Quo

Intermediate top, but short terms are working towards oversold conditions - although they are not there yet. Volume climbed which would suggest an accumulation day, but the narrrow candlestick doesn't suggest real buying at work

There was no real change for the Dow with its fifth loss day in a row. Although the MACD bullish divergence is currently under threat.

I agree with the commentator from my previous post; things are looking good for a bounce, but I suspect it will stall out at the the 50-day MAs for the various averages.

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website