Daily Market Commentary: Decline Stalls
The Nasdaq wasn't so fortunate. Monday's gain wasn't enough to make it above the 20-day MA.
Nasdaq Breadth returned to its bearish ways with the Percentage of Nasdaq Stocks Above the 50-day MA losing 55% support on increased technical weakness.
And technicals of the Nasdaq Summation Index turning net bearish
It could be argued the Nasdaq 100 has broken from its channel support.
Meanwhile, the Russell 2000 defended its 50-day MA.
Market Breadth is suggesting the intermediate term correction has started and a rally at this point should be sold into.
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
Zignals offers a full suite of FREE 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.
You can read what others are saying about Zignals on Investimonials.com.