Tuesday, November 10, 2009

Stock Market Commentary: Stall Out

Hardly surprising after yesterday's gains was the relatively quiet action today. The struggling indices had the weakest day; the Russell 2000 remains contained by its 20-day and 50-day MAs

While the semiconductors had a relatively wide intraday range, but closed on an indecisive doji; Tuesday's finish was at the 20-day MA - will this be resistance?

However, it was not all static. The S&P enjoyed a MACD trigger 'buy' - enough to turn technicals net positive.

So can bulls produce some follow through after a day of rest? Although today was a relatively quiet day it will have helped bulls that yesterday's gains were not pegged back. The good news is that today's trading gives exit points below the day's lows for those looking for low risk or profit taking opportunities.

Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.