Stock Market Commentary: Bulls Dig In
The late morning selling had the potential to trigger a run of stops but buyers returned to push markets back towards their 50-day MAs. Volume rose to register accumulation days for many of the markets - keeping markets on track for a more sustained rally. The Nasdaq 100 did the some good legwork by working itself above former 1,814 support and a bull cross in on-balance-volume.
The Russell 2000 did its best with a large bullish engulfing pattern at oversold short term conditions and a bull cross of the 50-day MA. There should be enough for a follow through to the 20-day MA.
The S&P has the best defined risk:reward with the bullish hammer at channel support on oversold stochastics enabling a 'buy' with a stop on a loss of Wednesday's lows.
Look for bulls to get a little more out of this Thursday, but as 20-day MAs fall into range bears will eventually gain the upper hand and likely send the indices towards their 200-day MAs.
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The Russell 2000 did its best with a large bullish engulfing pattern at oversold short term conditions and a bull cross of the 50-day MA. There should be enough for a follow through to the 20-day MA.
The S&P has the best defined risk:reward with the bullish hammer at channel support on oversold stochastics enabling a 'buy' with a stop on a loss of Wednesday's lows.
Look for bulls to get a little more out of this Thursday, but as 20-day MAs fall into range bears will eventually gain the upper hand and likely send the indices towards their 200-day MAs.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets under the user id: ‘Fallond’, ‘ETFTrader’ and ‘Z_Strategy’ available through the latest rich internet application for finance, the Zignals Dashboard; many are ranked in the top-20 for 3-month and YTD performance.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com; ranked top-20 software product out of 285 listed. Join today - it's free!
