Stock Market Commentary: Buyers Join Afternoon Fun

It was a day where bulls were expecting the bears at the party, but the bears never showed so they took over and partied late into the night (or afternoon...). The returns were modest but important was not losing yesterday's gains. On a chart none of it looked like much.

One thing I hadn't quoted yesterday was the MACD trigger 'buy' in the Russell 2000 - the current market leader

But there was one worrying sign in the semiconductor index; a shooting star reversal at former channel support turned resistance. A CCI 'sell' trigger adds to the probability for a larger downward move

One significant positive was the net bullish supporting technicals in the Percentage of Nasdaq stocks above the 50-day MA:

Can other breadth indicators follow suit? Might see a little weakness on expiration Friday.

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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