Wednesday, November 21, 2012

Daily Market Commentary: Gains Hold into Thanksgiving

In a quiet day for the markets, all managed to retain the gains booked on Monday. There were some technical improvements, notably the MACD trigger 'buys' for the Nasdaq, Nasdaq 100, Russell 2000 and S&P. Only the Dow Jones was excluded from the MACD love in. The upcoming challenge for these indices are 20-day MAs.

The Nasdaq enjoyed an On-Balance-Volume 'buy' trigger to go with the MACD 'buy'.

The Russell 2000 got a relative strength boost against the Nasdaq, and managed a gain against the S&P. Better stuff from speculative Small Caps, and suggests there is more to this rally than just a simple bounce.

Friday will boil down to action at 20-day MAs, but holiday trading could see these ignored in some Black Friday bargain hunting. Next Monday will give a better reflection as to how this rally is shaping up.

Have a great Thanksgiving!


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Dr. Declan Fallon is the Senior Market Technician and Community Director for 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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