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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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.
----
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!
