Daily Market Commentary: Breakout

After yesterday's suggested  breakdown in the Russell 2000, markets headed in the other direction and pushed higher. The S&P went as far as to break from the bearish flag and accelerate higher.


The Nasdaq finished the day inside its 'bear flag'. The 'bear flag' remains the dominant aspect in the near term, although today's finish was enough to see it regain the 20-day MA.


The Russell 2000 recovered enough to hold on to its 'bear flag' after yesterday's suggestion of a breakdown.


For Friday, bulls should focus on an expansion of the gain in the S&P.  If the market opens weak, look for a gap down in the Russell 2000.

---

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!

Popular posts from this blog

Nasdaq primed for breakout

S&P "Bull Trap"?

"Black Candlesticks" are a concern for the S&P and Nasdaq

Archive

Show more