Stock Market Commentary: Unfufilled Promises
Markets looked ready for a short term snap back but so far it has failed to materialise. The SOX went at it alone and looks vulnerable with the falling 20-day MA about to cut below the rising 50-day MA. A break of the 50-day MA would send shorts covering and kick start a 1-2 week rally this market looks ready to offer (only a short covering rally though).
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uJZmKhWSPL9jeR1gbKIgRye_NPKHO4rhXYkShIcpUEmZOzi_-lFl3CWHfFctwGbZnHVCyLnXzFgq0aGIOXAsrlOGkVM_syjo3re8B_jy53KnAM78H-FykEf99KxOxnOcGq1g=s0-d)
Buyers with a longer time frame will look to the 200-day MA for low risk long-side opportunities.
The Semiconductor HOLDRs (SMH) are likely to test the breakaway gap. True breakaway gaps don't fill so anything below $20.75 puts the bullish picture at risk.
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vr9B84mEgyDlrmy-zWCb2Wyydo3kNl72ReJr72AXeUVHQbpzlZJPlik8jET88Hn39Sb95infPaxWPbJ9rvVoea9QjR14VGpGLIRblU8qnkqsqO99yDNGR7IwP1mIZyhPJg-_5HyJxY=s0-d)
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.
Buyers with a longer time frame will look to the 200-day MA for low risk long-side opportunities.
The Semiconductor HOLDRs (SMH) are likely to test the breakaway gap. True breakaway gaps don't fill so anything below $20.75 puts the bullish picture at risk.
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.