Stock to Watch: Shutterfly (SFLY)

Very little happening on the long side. One potential candidate is Shutterfly (SFLY). The stock broke through $8.24 resistance on heavier volume a few days ago and has since retraced back to this now support, closing yesterday at $8.27. I have created a Zignals YourCall (part of Zignals Stock Charts) for a push to $10.89 with a stop at $7.79; let see how it plays


On the market front I am keeping an eye on the Transports; still clinging to November lows as support. Since my last comment there has been a fresh distribution day but it came on the back of a weakening bear trend.


The other interesting point is the divergence between the S&P and Nasdaq. Closing prices of the S&P have been pinned by 50-day MA resistance


But have held as support in the Nasdaq


However, in each case money flow has been good (bullish). When you throw in the semiconductors, things look a little better for the Nasdaq


But for bulls it all feels like swimming against the tide. Can they do it?

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

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