Stock Market Commentary: Second Low Volume Down Day in a Row
Markets suffered a second down day in a row with volume again light; whether this reflects complacency on the part of bulls or a genuine lack of interest to sell into the long weekend remains to be seen but it would appear a test of the 20-day MAs are a first point of order.
The Dow did see a higher volume selling day but volume was over half of what it was at the start of March. The index closed on short term support line off March lows; another down day tomorrow would break it.
Last week's breakout in the Nasdaq is under threat and may have reversed into a bull trap - leaving very little room for bulls to maneuver.
Whatever happens over the next couple of days it won't have the support of traders. Next Monday will be the real test.
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.
The Dow did see a higher volume selling day but volume was over half of what it was at the start of March. The index closed on short term support line off March lows; another down day tomorrow would break it.
Last week's breakout in the Nasdaq is under threat and may have reversed into a bull trap - leaving very little room for bulls to maneuver.
Whatever happens over the next couple of days it won't have the support of traders. Next Monday will be the real test.
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.
