Daily Market Commentary: New MACD 'Buys'

While today's action was a whole lot of nothing, over today and Friday there were a couple of significant technical shifts.

The S&P saw a MACD trigger 'buy' which reversed the last of the bear signals triggered by the November decline.


via StockCharts.com

The Nasdaq too got a MACD triger 'buy' which swung all technicals back to net bullish, ending the November decline. Monday's tiny gain was enough to register a new closing high for the year (and the rally from March 2009 low)


via StockCharts.com

The Nasdaq also got a boost as the Percentage of Nasdaq stocks above their 50-day MA broke upside with new 'buy' triggers in its MACD and ADX.


via StockCharts.com

The Russell 2000 has yet to take a breather since breaking to new highs. It was one of the better performers for Monday.


via StockCharts.com

So while today may not have grabbed much attention it effectively put an end to the technical decline from November. Going forward it's a matter of hanging on to longs - although swing traders could look to Monday's narrow range as an opportunity to trade the high/low break (stop on the flip side of the range).

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