Stock Market Weekly Commentary: Seller's Heaven
Resistance was confirmed in many of the indices, but volume was considerably lighter and although the week closed lower it did not register as a distribution week.
The S&P remained pegged by 1,062 resistance as the bearish divergence in the MACD histogram continued to evolve
The Nasdaq's losses weren't enough to reverse its breakout - although technicals suggest there is more downside to come.
The Nasdaq 100 bucked the trend a little by registering a distribution day and falling below what were two resistance levels turned support.
Small caps played resistance picture perfect but have yet to confirm a 'sell' signal
Market Breadth has already fallen sharply - particularly in the percentage of stocks above the 50-day MAs
Although some remain stubborn - but seriously overbought
Look for this weakness to continue to develop with a sideways market perhaps the best outlook for bulls, but a more substantial down phase favoured.
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 S&P remained pegged by 1,062 resistance as the bearish divergence in the MACD histogram continued to evolve
The Nasdaq's losses weren't enough to reverse its breakout - although technicals suggest there is more downside to come.
The Nasdaq 100 bucked the trend a little by registering a distribution day and falling below what were two resistance levels turned support.
Small caps played resistance picture perfect but have yet to confirm a 'sell' signal
Market Breadth has already fallen sharply - particularly in the percentage of stocks above the 50-day MAs
Although some remain stubborn - but seriously overbought
Look for this weakness to continue to develop with a sideways market perhaps the best outlook for bulls, but a more substantial down phase favoured.
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.
