Stock Market Commentary: 50-day MAs Break
It was a good day for markets as recent gains continued. The Nasdaq was able to break through its 50-day MA as technicals turned net bullish. Volume was a little disappointing and has been below the level of preceding selling.
The Dow was able to do likewise, closing above its 50-day MA as its technicals turned net green.
If there is a spanner in the works its the semiconductor index. On the plus side supporting technicals are net bullish, but it failed to close above its 50-day MA.
It was the same story for the S&P
With small caps and technology indices leading there is a good chance the S&P and Semiconductor index will follow suit tomorrow. The kicker is the lack of volume but so far the rally from March 2009 has maintained its sequence of higher highs and higher lows and until it proves otherwise it's still intact.
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The Dow was able to do likewise, closing above its 50-day MA as its technicals turned net green.
If there is a spanner in the works its the semiconductor index. On the plus side supporting technicals are net bullish, but it failed to close above its 50-day MA.
It was the same story for the S&P
With small caps and technology indices leading there is a good chance the S&P and Semiconductor index will follow suit tomorrow. The kicker is the lack of volume but so far the rally from March 2009 has maintained its sequence of higher highs and higher lows and until it proves otherwise it's still intact.
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!
