Tuesday, May 19, 2009

Market Sentiment: NASDAQ support break. NYSE holds support

The McCellan Oscillators for the Nasdaq and NYSE told two stories. The first was the confirmed break and 'sell' trigger for the Nasdaq.

The same 'sell' was issued in the NYSE McClellan Oscillator but this was not confirmed with a trendline break in the NYSE. Trail those stops.

So even as broad markets rally there is still an underlying shift from speculative technology stocks to the more staid Large Caps.

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.