Saturday, May 16, 2009

Weekly Market Commentary: Resistance Holds

The week finished lower as resistance held for the Nasdaq (2004 reaction lows)

Russell 2000 (2004 reaction lows)

and Nasdaq 100 (2006 reaction lows)

Breadth indicators reversed to their first down week in eight weeks; see Nasdaq Bullish Percents:

Percentage of Stocks above the 50-day MA

Or the Summation Index:

The same was true for S&P breadth. All-in-all we have a clear weekly 'sell' signal

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.