Monday, May 13, 2013

Daily Market Commentary: Modest Uptick

No great movement or volume, but at least the push was higher.  The S&P continued to track along upper channel resistance.  Technicals still in good shape despite overbought stochastics.

The Nasdaq extended its channel breakout, playing the lead role (note sharp advance in relative strength against the S&P).  Its breakout should provide the S&P with the impetus to break upper channel resistance.

The Russell 2000 took a small loss, which continued the index's performance lag against the Nasdaq.

Nothing in today's action to suggest bulls are losing control of the market. Small Caps are the weakest index, so if trouble is brewing it will likely express itself here first.


Follow Me on Twitter

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