Stock Market Commentary: Markets Fail To Budge
The market appears to be waiting for bulls to make one of their typical 'in-your-face' rallies but so far no-bull has decided to turn up. The longer this impasse continues the more likely bears will take their chances and start selling into what vestiges of strength remain. The past two days in the Nasdaq illustrate this malaise as buyers refuse to take the market past bear trap highs.
Very neat resistance in the S&P combined with significant distribution.
However, the semiconductors continue to do their bit, although they can't do it alone.
Eight weeks of stagnant action will soon see leading indices run into 6-month rally support - at that point bulls will have to make a stand if this rally is to continue.
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.
Very neat resistance in the S&P combined with significant distribution.
However, the semiconductors continue to do their bit, although they can't do it alone.
Eight weeks of stagnant action will soon see leading indices run into 6-month rally support - at that point bulls will have to make a stand if this rally is to continue.
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.
