Thursday, March 26, 2009

Stock Market Commentary: S&P Clears Resistance

Bulls chalked up another victory as the S&P cleared declining resistance from November-January. Volume was light and the 50-day MA is more likely to be support than the former resistance line on the next pullback.

The best gains came from the semiconductor index which is well on its way to testing its 200-day MA. A very positive development for the market as a whole.

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