Weekly Stock Market Commentary
Interesting action on the weekly charts. For the S&P last week ranked as one of accumulation with a respectable uptick in the supporting MACD; although stochastics remained oversold.
Similar trends played out in other indices but nothing to indicate a powerful reveral.
The December 'buy' signal holds for many of the indices; the Nasdaq 100 is close to triggering one of its own:
But the Nasdaq Summation Index still has significant weekly resistance to break
Certainly last week was better than a collapse, but it will take more than one week to put a sound footing in place. The way things are looking (deep oversold conditions and a squeeze in breadth indicators) we could be in for a protracted sideways market for the bulk of 2009.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
Similar trends played out in other indices but nothing to indicate a powerful reveral.
The December 'buy' signal holds for many of the indices; the Nasdaq 100 is close to triggering one of its own:
But the Nasdaq Summation Index still has significant weekly resistance to break
Certainly last week was better than a collapse, but it will take more than one week to put a sound footing in place. The way things are looking (deep oversold conditions and a squeeze in breadth indicators) we could be in for a protracted sideways market for the bulk of 2009.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website