Stock Market Commentary: Modest Selling

After a very weak start markets didn't run away from what could have been rout. The semiconductor index did give up a sizable chunk of gains but the recent breakout held. I have drawn in a new, sharper, rising channel which could be a point of support for the index

Small Caps finished a short step away from its 20-day MA. There was a bearish shift away from Small Cap stocks to Tech - although Large Cap stocks remained laggards (bullish)

Lagging large caps had problems of their own with MACD 'sell' triggers

So far, none of the indices have mounted serious challenges on their 20-day MAs. Until then there is little reason to be an aggressive seller until the level of demand at these MAs is known.

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.

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