Stock Market Commentary: Stubborn Bulls
Bulls just don't want to let go of this rally, but letting go is perhaps the best thing they could do at this stage. It was commendable for the S&P the initial selling didn't stick; closing on resistance for a third day. Can it build with a breakout as has passed for Tech and Small Cap indices?
Similar story for the Nasdaq except it has already broken past resistance - watch for test of 2,323 support
Although the semiconductor index did not fare so well, it lost 1.4% bringing it back to the golden cross between its 50-day and 20-day MAs. Watch for a developing triangle consolidation which will likely mean sideways action for the Nasdaq and Nasdaq 100
Tuesday will likely see another challenge on Monday's lows unless the S&P can break resistance - in which case all key indices will be in alignment, providing the momentum to keep the rally rolling for another day.
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Similar story for the Nasdaq except it has already broken past resistance - watch for test of 2,323 support
Although the semiconductor index did not fare so well, it lost 1.4% bringing it back to the golden cross between its 50-day and 20-day MAs. Watch for a developing triangle consolidation which will likely mean sideways action for the Nasdaq and Nasdaq 100
Tuesday will likely see another challenge on Monday's lows unless the S&P can break resistance - in which case all key indices will be in alignment, providing the momentum to keep the rally rolling for another day.
Follow Me on Twitter
Build a Trading Strategy in Zignals; Read how and earn real money (once out of Beta) in this PDF.
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 or the Zignals Trading Strategy MarketPlace.
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.
JOIN US TODAY - IT'S FREE!
