Weekly Market Commentary: Crack...

Break of rising support for the S&P dating back to March 2009 but volume was not excessive given the significance of the break. A MACD trigger 'sell' accompanied S&P's weakness.

The Nasdaq also lost long term support but volume was light. A MACD trigger 'sell' accompanied its support line break

Resistance in the Percentage of Nasdaq Stocks Above the 50-day MA played to form as the breadth indicator lost 17 points last week; the week finished with 51% of Nasdaq stocks trading above their 50-day MA where a couple of weeks ago the figure was closer to 75%.

The loss was greater in the S&P where a 40 point drop in the Percentage of S&P stocks Trading above their 50-day MA brought this figure to only 40%.

Time for the sideways market to begin?

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!

Popular posts from this blog

Markets attempt a swing low for the seven day decline

Low volume selling after Russell 2000 breakout

Minor losses pressure Thursday's reversal attempt


Show more