Tuesday, March 30, 2010

Stock Market Commentary: More Indecision

It was a lackluster day for the markets with the S&P closing unchanged on the day.

The Nasdaq 100 continued its run of doji; note the two bearish distribution days stuck amongst the low volume buying.

The semiconductor was a little more proactive and mounted a defense at support. If Tuesday's gain can follow through it will help the Nasdaq and Nasdaq 100

Market Sentiment as measured by the Bullish Percents are showing some contradictions; new highs as part of a breakout in the indicator, but the CCI is on a 'sell' and there is a bearish shift relative to the Percentage of Nasdaq stocks above the 50-day MA.

Can action in the semiconductors convert to a positive Wednesday for the Nasdaq and Nasdaq 100?

Stock Breakouts

There were 24 breakouts in total; four were of interest but six were low-grade penny stocks. Not much cream left to skim?

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