Weekly Market Commentary: Losses Haven't Broken Trend Yet...
Last week's damage on the daily time frame didn't change too much on the weekly one. The Dow was the only index to show a change on the week; losses left a new 'bull trap'. Stochastics didn't make it to overbought levels prior to the 'bull trap' developing. Optimists will see this as offering room for further gains. Pessimists will see this as the start of a bear market top.
The 'bull trap' in the Dow was not repeated in the S&P. Support at 1,209 remains in play and bulls have a good opportunity to mount a defense next week.
The Russell 2000 confirmed resistance at 760 but the weekly loss didn't take it below rising channel support. The shortened week and the traditional 'Black Friday' rally will likely see such support hold for another week.
Just to complete the set, the Nasdaq finished on channel support. Will bulls be able to take advantage? Monday will be a good place to start.
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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 Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
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The 'bull trap' in the Dow was not repeated in the S&P. Support at 1,209 remains in play and bulls have a good opportunity to mount a defense next week.
The Russell 2000 confirmed resistance at 760 but the weekly loss didn't take it below rising channel support. The shortened week and the traditional 'Black Friday' rally will likely see such support hold for another week.
Just to complete the set, the Nasdaq finished on channel support. Will bulls be able to take advantage? Monday will be a good place to start.
------
Follow Me on Twitter
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 Trading Strategy Marketplace 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 strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
