Saturday, August 15, 2009

Weekly Stock Market Commentary: Mild Selling

The indices closed lower on light volume with the Nasdaq doing so at a point of resistance.

And the S&P around the psychological 1,000 mark

Market Breadth spent another week in a mix of negative divergence and positive MACD trigger 'buys'.

The S&P Bullish Percents closed at rising resistance

While the Nasdaq Summation Index expanded on its negative divergence

Along with the Percentage of Nasdaq Stocks above the 50-day MA

The conflicts are unlikely to resolve until we enter the meat-and-veg period of the trading year in September. So don't expect too much to happen over the next couple of weeks.

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.