Thursday, August 27, 2009

Stock Market Commentary: Support at 20-day MAs

A solid recovery from index 20-day MAs on higher volume. The Nasdaq cracked below 2,000 but was able to finish the day just above yesterday's close. Technicals close to a MACD trigger 'buy'.

For the Dow it was yet another indecisive doji at resistance but has room to maneuver to channel resistance:

For the Nasdaq 100, volume has consistently sided with bullish accumulation:

While the Russell 2000 claimed a MACD trigger 'buy'

Market primed for another push higher? With bulls prepared to defend 20-day MAs there may be another short squeeze in the works.

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.