Weekly Market Commentary: Nasdaq 100 Makes It First To 2008 Reaction High
While Small Caps lead on the daily timeframe, it's the Nasdaq 100 which is leading the weekly charts. Friday saw the lower of the two 2008 reaction highs hit by the Nasdaq 100; will this be the reversal point?
The S&P is not there yet but with the MACD trigger 'buy' bulls got another tick in their column.
Breadth indicators also switched bullish. The Bullish Percents offered what could be a bull trap 'Buy' March 15th, but because the indicator is so overbought it may not bring as quick a reversal (but it could be sharp) as it did back in 2007.
Buyer beware!
Of the stock breakouts there was a grand total of 18 but only Signet Jewelers looked worthy of attention:
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The S&P is not there yet but with the MACD trigger 'buy' bulls got another tick in their column.
Breadth indicators also switched bullish. The Bullish Percents offered what could be a bull trap 'Buy' March 15th, but because the indicator is so overbought it may not bring as quick a reversal (but it could be sharp) as it did back in 2007.
Buyer beware!
Of the stock breakouts there was a grand total of 18 but only Signet Jewelers looked worthy of attention:
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!