Stock Market Commentary: Status Quo at Friday's lows
Bulls will take comfort there wasn't another major step down after two days of heavy losses; bears will see the lack of a technical recovery a vindication of recent losses. Probabilities favor further gains as part of a larger downleg. The Nasdaq finished below its 50-day MA on light volume.
For the Dow, technicals are all net bearish as Monday's minor recovery did little to offset three days of losses. Shorts will perhaps look only as far as the 50-day MA for potential opportunities.
The Nasdaq 100 shifted net bearish on its technicals, but the rising channel hasn't broken - yet.
S&P has moved decisively to the bear side as technicals crash far enough to be almost oversold. However, there is a new rising channel which may lend support at this point.
While today saw little change there is enough support to suggest a larger bounce can evolve from Monday's action.
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For the Dow, technicals are all net bearish as Monday's minor recovery did little to offset three days of losses. Shorts will perhaps look only as far as the 50-day MA for potential opportunities.
The Nasdaq 100 shifted net bearish on its technicals, but the rising channel hasn't broken - yet.
S&P has moved decisively to the bear side as technicals crash far enough to be almost oversold. However, there is a new rising channel which may lend support at this point.
While today saw little change there is enough support to suggest a larger bounce can evolve from Monday's action.
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!
