Wednesday, April 08, 2009

Stock Market Commentary: Nudges Higher

Respectable gains offset yesterday's losses; again, volume was light. The Dow held rising support from March lows.

I may have called the bull trap in the Nasdaq 100 a little early; 1,286 support is stronger than I had given it credit for.

There is a larger question as to the bull trap in the Russell 2000. Technical weakness also a concern with CCI and Stochastics on confirmed 'sell' signals. Without Small Cap leadership there is no bull market.

Not expecting much action tomorrow.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.