Daily Market Commentary: Quiet Start for the Week.

Bulls didn't push their advantage as bears stayed away. The result was a very narrow days trading.

Swing traders can play a break of S&P high/lows with room to spare to both channel support and resistance.


via StockCharts.com

The downside gap for the Nasdaq is looking a tempting fill - although it could follow through down to the 20-day MA.


via StockCharts.com

While the Russell 2000 is very close to channel resistance. CCI is very extended and a pullback to the 20-day or 50-day MA can't be far away.


via StockCharts.com

Bulls have the momentum, but tight trading action narrows the margin for error. It won't take much to spark fear selling in the market, but shorts will be playing it tight lest they get handed another hiding.

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.

Popular posts from this blog

Bull Flags for Nasdaq and S&P

"Inverse Hammer" on Russell 2000 Breakout

'Bear Traps' for the Nasdaq and S&P as Russell 2000 holds above support


Show more