Tuesday, May 05, 2009

Stock Market Commentary: Respectable Recovery

Each time the market looks ready to take a punt downwards it surprises and recovers early losses. The Nasdaq held above the 200-day MA on what could be a bearish harami doji but I would take the latter with a huge grain of salt. Volume ranked as distribution but the loss was not as big as had initially looked. Technicals remain firm.

The Nasdaq 100 didn't show any distribution

As a side note, the monthly VIX has the looks a bullish wedge; will we have a rocky summer?

This article from TheBigPicture suggests otherwise.

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.