Monday, September 23, 2013

Daily Market Commentary: Day Three of Declines

The Dow has fallen sharply over the same period, enough to leave it just a few points above its 50-day MA; tomorrow may see this key moving average tested.

The Nasdaq 100 has been a leading average, although for September it lost ground against the Russell 2000. However, today's losses were light, and for the last three days has performed strongly despite the weakness. Any sniff of buying in the markets will quickly result in new all-time highs for this index (which will fuel further buying).

Interesting situation for the Semiconductor index. It's sitting at a converged level of support; a low risk play for Tuesday with a 'Golden Cross' to boot.

A number of long side opportunities for Tuesday.  May want to run relatively tight stops just because one can; 50-day / 20-day MAs can be used for stops on longer term positions.


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