Weekly Market Commentary: S&P Breakout follows Nasdaq/Nasdaq 100 Breakouts
Nasdaq Breadth is also showing bullish form with a W-bottom in the Bullish Percents. This is the only Nasdaq and S&P breadth indicator I follow which is not on a technical 'buy' signal. Looks ready to reverse this very soon.
So while the daily chart rallies look extended, this rally is only starting to get going on the weekly timeframes. Bears will be hoping for bull traps - although this is looking unlikely for the Nasdaq 100.
Follow Me on Twitter
Build a Trading Strategy Business in Zignals
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal 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 quote 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!