Stock Market Commentary: Indecision
The indices spent another day trading in a narrow range but it wasn't all quiet on the battle front. The Nasdaq registered a MACD trigger 'sell' as relative strength moved further away from tech towards large cap stocks (S&P).
The same was true for the Nasdaq 100, although the shift from tech to small caps widened more so than between tech and large caps.
On the negative side there was the loss of 20-day MA support in the semiconductor index; the 50-day MA is next on the list. Look for the loss of 20-day MA support in the Nasdaq and Nasdaq 100 in line with semiconductor action.
There was very little to add for small or large cap indices.
Overall these were all minor bearish events which could prove significant if bulls don't re-assert themselves soon. Will they prove to be telling?
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 same was true for the Nasdaq 100, although the shift from tech to small caps widened more so than between tech and large caps.
On the negative side there was the loss of 20-day MA support in the semiconductor index; the 50-day MA is next on the list. Look for the loss of 20-day MA support in the Nasdaq and Nasdaq 100 in line with semiconductor action.
There was very little to add for small or large cap indices.
Overall these were all minor bearish events which could prove significant if bulls don't re-assert themselves soon. Will they prove to be telling?
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.
