Tuesday, September 29, 2009

Stock Market Commentary: Mixed Day

A narrow range-day on heavier volume (with the exception of the semiconductor index) suggests possible distribution, but it was no killer for bulls. Whether the market moves sideways until it gets a kick off the respective 20-day MAs, or instead makes a challenge towards new highs is still not clear.

Nasdaq is caught in the middle of its range between the 20-day MA and index highs.

The semiconductor index lost most of yesterday's gains, but is hanging on to its breakout

But even with the reversal it would be harsh to read too much into today's action.

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.