Monday, September 21, 2009

Stock Market Commentary: Decent Recovery

Bears probably thought they had the day in their hands, but in the end there was no follow through from the gap down and markets were able to mount a reasonable recovery by the close. For the Nasdaq this was enough to make a higher close.

The S&P spent a third day knocking around the 1070 level and this narrow action will expand very soon (and likely higher)

Sentiment indicators continued their recovery with the Nasdaq Bullish Percents posting a new MACD trigger 'buy' - negating the August 'sell'

Once again, it's hard to be a buyer but the trading environment favours longs.

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.