Tuesday, August 12, 2014

Daily Market Commentary: Minor Losses

The indecisive finish for the S&P and Nasdaq worked in bulls favor as it didn't bring a follow through to yesterday's selling. The Nasdaq held on to 50-day MA support. Swing traders could look to play a break of today's intraday range.

The Russell 2000 had one of the largest sell offs for the day. A retest of 1,107 remains in play. Technicals continue their improvement with a MACD trigger 'buy' to support the channel breakout.

The S&P offered little to suggest what may lie ahead. Technicals starting to flatten after their sharp bearish turn. Trading volume was also very light; another good sign for bulls.

Today didn't change too much. The longer term picture likely points to a swing low. The near term picture is a swing trade off narrow intraday ranges, or simply to stay aside.


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