Daily Market Commentary: Holding Station

It was a relatively quiet day for the indices.  Losses were small and were on light volume.  There was an interesting contrast in the Russell 2000; the index experienced one of the larger losses on the day, but the loss was countered by a net bullish turn in technicals. The Russell 2000 finished at its 50-day MA and given the proximity of 814 support it offers a good opportunity for buyers tomorrow.

The breakouts in the Nasdaq and S&P still hold as true despite today's loss.

The other aspect working in bulls favor is the building of a swing low in market breadth; in particular, the Nasdaq Summation Index.

Tomorrow could be a day to buy on weakness, particularly if there is a weak start (which might 'oversell' early).


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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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