Weekly Market Commentary: First Sell of Bounce
After the past couple weeks of gains last week was the first down week for the counter rally. Technically, the confirmed 'sells' from early February haven't reversed so bears hold the edge as far as the weekly picture is the concerned. In the S&P there was a confirmed distribution week
It was the same story for the Nasdaq
The past few weeks saw the Russell 2000 negate what had looked to had been a bull trap, but the losses of this week haven't undone this work; 614 key support here
Market Internals saw what looked to be a spike low for the Percentage of S&P Stocks above their 50-day MA with a stochastic 'buy' - but no MACD confirmation 'buy'
The Nasdaq Percentage of Stocks above their 50-day MA did not spike as low as the corresponding S&P market internal, but still did enough to see a stochastic 'buy'. It too is waiting on a MACD 'buy'
While the Percentage of Stocks above the 50-day MA for both the Nasdaq and S&P suggest a bottom there hasn't been the confirmation from the respective Summation Indices or Bullish Percents. So far, what's in play is an intermediate bear trend counter rally.
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It was the same story for the Nasdaq
The past few weeks saw the Russell 2000 negate what had looked to had been a bull trap, but the losses of this week haven't undone this work; 614 key support here
Market Internals saw what looked to be a spike low for the Percentage of S&P Stocks above their 50-day MA with a stochastic 'buy' - but no MACD confirmation 'buy'
The Nasdaq Percentage of Stocks above their 50-day MA did not spike as low as the corresponding S&P market internal, but still did enough to see a stochastic 'buy'. It too is waiting on a MACD 'buy'
While the Percentage of Stocks above the 50-day MA for both the Nasdaq and S&P suggest a bottom there hasn't been the confirmation from the respective Summation Indices or Bullish Percents. So far, what's in play is an intermediate bear trend counter rally.
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!
