Daily Market Commentary: Low Volume Action

It looked worse on the intraday chart, but today's late day sell off wasn't too bad in the context of the larger bullish trend.  Volume was also light. Shorts may try another crack at the market, but it's unlikely to offer much given the week that's in it.

The Nasdaq was able to finish the day higher than Friday's close, but below today's open. Volume climbed to register an accumulation day, but the MACD trigger is just shy of a new 'buy' trigger - but it may manage this tomorrow.

The Russell 2000 closed near the low of the day. Watch for a potential 'bull trap' tomorrow.

Not expecting much from tomorrow. The tight action may offer a short play with a stop above today's high if there is a gap down, but it's a bit of a stretch.


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