Weekly Market Commentary: Weak(ish) Finish
Friday's rally did enough to take the sting off the weekly close. The Nasdaq was the most resilient, shedding just a handful on points by Friday's finish. Technicals held firm and are net bullish.
Despite the slight decline in the parent Nasdaq, the Nasdaq Summation Index and Nasdaq Bullish Percents were able to close slightly higher, but the Percentage of Nasdaq Stocks above the 50-day MA fell.
The Russell 2000 took the biggest hit on the week as it was repelled off 825, but the June rally remains in play. I have redrawn channel support to account for the latest rally.
The S&P finished the week down -0.5% and just shy of a new high. However, the index held 1,400 support while it rides former channel support turned resistance. Look for a new multi-year high next week.
Next week probably still offers enough of an edge for bulls. The Nasdaq is the leading indiex, closely followed by the S&P. Small Caps are lagging and this is likely to continue while Technology (and Large Caps to a lesser degree) lead out.
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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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Despite the slight decline in the parent Nasdaq, the Nasdaq Summation Index and Nasdaq Bullish Percents were able to close slightly higher, but the Percentage of Nasdaq Stocks above the 50-day MA fell.
The Russell 2000 took the biggest hit on the week as it was repelled off 825, but the June rally remains in play. I have redrawn channel support to account for the latest rally.
The S&P finished the week down -0.5% and just shy of a new high. However, the index held 1,400 support while it rides former channel support turned resistance. Look for a new multi-year high next week.
Next week probably still offers enough of an edge for bulls. The Nasdaq is the leading indiex, closely followed by the S&P. Small Caps are lagging and this is likely to continue while Technology (and Large Caps to a lesser degree) lead out.
---
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.
9ish)
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
