Tuesday, March 10, 2009

Stock Market Commentary: Bulls Appear from the Woodwork

Bulls emerged from their shells leaving an interesting situation in their wake. At its simplest, Mondays' lows for the indices will need to be defended. However, it's not all so simple. The rally in the Nasdaq was strong enough to create a bear trap. This could set up a strong move higher - perhaps to 1,600.

The Nasdaq 100 did the decent thing and bounced off support of November lows

Large caps have more work to do and it's hard not to see a retest of Monday's lows on the cards.

Lots of work to do.

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