Daily Market Commentary: Consolidation

Markets were able to retain the bulk of yesterday's gain with only minor losses by the close of business. The only change was a modest improvement in technicals.

But Small Caps struggled a little more with the index trading below both 20-day and 50-day MAs.  Shorts are likely working Small Caps harder than Tech or Large Caps.

Meanwhile, Nasdaq breadth is working a swing low, led by the Percentage of Nasdaq Stocks above the 50-day MA.  But it will take a time to complete.

For tomorrow, shorts will likely focus on the Russell 2000, while bulls will play the Nasdaq.


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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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