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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