Stock Market Commentary: Fed Scare
The Fed spooked the market and one can probably expect more of the same tomorrow. The Nasdaq registered a distribution day on a bearish engulfing pattern.
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tjmXTySPxoLk1o1bRPWfcJAoex5pmgw9e97rjmk9XNVn0VrxQRpGJ_4R2aq8i0pIcvnN4VC35l1Xu1bfj7Msny9pjepLzu3I1o-tNoneBbEFF_FDcEaeZJQlnFnXmkfQG4qDlSKLyare7KeHoY8CK7gO4=s0-d)
The Nasdaq 100 did likewise as an attempt to break channel resistance failed. Looks ready for a move back to the main moving averages
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_urRoiB3Za0rot9lmU8jvK4ZZV3hJUbBk7-C7LRD9xxdsX4CBGzr9-4IGGgEWKoM1SJgkDHU4r1DRPl4tnfVFn9c541FCK6LQCDSsybxihJVsBfP8RFoN92tVAbqPobvm0c0XSDm2EflY22vSPO4Jz4=s0-d)
The semiconductor index finished with a bearish shooting star. How will its resistance breakout fare?
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vefQLysCxn0nknxVdJfOmhUZwuZX-C2Zuh1bk81Ozpr3nEbqxM9OYYphDBHudDSEvxSBxJsFNtKQY8bS6PeInXoQEZ_fDg85BW6aeZhFYSnvZWJ7gNaatYrTM3hBtoRbjBpF4UZutycY5CUYg40dRX_Q=s0-d)
Sentiment indicators had all recovered to break 4-5 month bearish divergences but the Percentage of Nasdaq Stocks above the 50-day MA switched to a 'sell' with a bearish cross of 5-day EMA.
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_ujPnPar9QKFGwb8J4IsAkTC9ndxxjaUIQyC1JHJ_MnQQN2dqtheKJIBJCcnbHSF92rlslv4hF3ZscKpYgWKcKxRNOJMNQPuqlVescOGv0tiQ_Q7cPA2FNfRiIb48GVpmeAnMdKav3rsa6LFJRTszvtrj8=s0-d)
No significant damage but another down day looks inevitable.
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 Nasdaq 100 did likewise as an attempt to break channel resistance failed. Looks ready for a move back to the main moving averages
The semiconductor index finished with a bearish shooting star. How will its resistance breakout fare?
Sentiment indicators had all recovered to break 4-5 month bearish divergences but the Percentage of Nasdaq Stocks above the 50-day MA switched to a 'sell' with a bearish cross of 5-day EMA.
No significant damage but another down day looks inevitable.
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.