Stock Market Commentary: Bullish Percents add to Bearish Pressure

There was confirmation in the bear cross of the 5-day EMA in the Nasdaq Bullish Percents with a MACD trigger 'sell' and a rebound off declining resistance. Bullish Percents are still in overbought territory with bearish pressure likely to push this lower before a firm buying opportunity presents itself in the Nasdaq.

This adds to the previous 'sell' triggers in the Summation Index

And Percentage of Stocks above the 50-day MA.

The Nasdaq itself had another mixed day with higher volume churning. It still could go either way but the failure for even an intraday cross of the 50-day MA is a little worrying.

The Russell 2000 suffered a more concerted sell off as it closed below its 50-day MA

The S&P still looks to provide the best rebound buying opportunity as channel support held.

Even with the selling pressure the environment probable still favors buyers in the short term.

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