Thursday, April 08, 2010

Stock Market Commentary: Bulls Defend Early Losses

The S&P had ducked below channel support in early trading before recovering to close above support but not before a MACD trigger 'sell' was triggered.

Small Caps closed with an inside day mixed with a fresh MACD trigger 'buy'; trade break of 2-day range with stop on the flip side.

Semiconductors took the brunt of the selling, losing over 1% along with a CCI 'sell' trigger. But the damage wasn't enough to lose rising support.

Markets are in mixed form with some giving while others take. With breadth indicators frothy it's better to err on the side of caution but day traders will probably enjoy the volatility these market conditions bring.

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