Daily Market Commentary: Modest Recovery

There was some digging in of heels at support, but buying volume was light.

The S&P held its 20-day MA. On-Balance-Volume switched back in favour of a 'buy', although this particular indicator is in whipsaw territory.


Meanwhile, the Nasdaq held on to wedge support, with the low of the day just missing out on a touch of the 50-day MA.


Finally, the Russell 2000 dug in at its 50-day MA.


Nothing too surprising on today's action, but light volume suggested the buying lacked conviction. Look for the decline to continue.

---

Follow Me on Twitter

Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. You can read what others are saying about Zignals on Investimonials.com.

JOIN ZIGNALS TODAY - IT'S FREE!

Popular posts from this blog

Markets attempt a swing low for the seven day decline

Low volume selling after Russell 2000 breakout

Minor losses pressure Thursday's reversal attempt

Archive

Show more