Tuesday, April 28, 2009

Stock Market Commentary: Second Day of Light Declines

Traders played a repeat of yesterday with pre-market weakness reversing over the course of the trading day before sellers return into the close. The Dow remained pegged by resistance.

The Nasdaq 100 has yet to tag its 200-day MA but it's perhaps only a day away.

Small caps flashed a MACD trigger 'sell'.

One thing all this tight trading does is set up a situation for a volatile response - either up or down (i.e. trade range break).

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