Weekly Market Commentary: Nasdaq Breaks Again - Russell 2000 to follow?

With the New Year up and running I have taken a quick look at last week's action and the last of 2009. The key mover and shaker was the resistance break for the Nasdaq. This was supported by a new resistance breakout on a MACD trigger 'buy' and a new upside target of 2,465.

The Nasdaq 100 is on a similar upward charge having long broken comparable Nasdaq resistance; 1,978 is the target here.

The Russell 2000 is on the verge of a significant resistance breakout with a MACD trigger 'buy'

Nasdaq Bullish Percents are in the process of a bounce which may yet push higher, but like in 2007 has the potential to offer plenty of trouble; supporting technicals are on a 'sell' trigger:

The Percentage of Nasdaq stocks above the 50-day MA has room to run to resistance with a new MACD 'buy' (just to contradict the Bullish Percents):

With tax and bonus considerations out of the way we could see a bit of a hangover extend into the middle of January as traders look to take profits. A major shock drop would appear unlikely as there are a number of support levels to look too (across all indices).

2008 was the year of the Bear, 2009 was the year of the Bull, so will 2010 be the year of the indecisive?

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.

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