Monday, January 05, 2009

Stock Market Commentary

A day when bulls could breathe a certain sigh of relief as last week's low volume gains held in all markets. Volume did rise to register a 'distribution' day but the lack of range to intraday trading suggests no real selling at work.

Best thing about the indices (which triggered Friday) was the net bullish turn in momentum, trend and volume indicators; this strength held through Monday.

Small caps continued to lead as declining resistance, 50-day and 20-day MAs remain decisively breached:

So far so good...

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