Weekly Market Commentary: Higher Volume Accumulation - But Little Change
Nasdaq
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As the Nasdaq Bullish Percents gave their first 'sell' signal (the MACD)
($BPCOMPQ)
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The Russell 2000 is holding support of spike lows to 800.
($RUT)
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Meanwhile the S$P is doing a good job of defending 1,300.
($SPX)
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As the S&P Bullish Percents succumb to a 'sell' trigger in the MACD.
($BPSPX)
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So not much change on the week - bulls defended lows for a second week which offers something on which to build. But with market breadth continuing to breakdown (bullish percents are bearish like the percentage of stocks above the 50-day MA) any push higher might be short lived.
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.
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