Promising Start Gives Way To Late Selling
It was a bit of a non-event for indices as early gains were unable to hold by the close of business. As a result, some of the challenges on highs faded and all indices remained inside prior consolidations. Volume was also down on Friday's, which kept things muted. For example, the S&P touched on 2120 resistance, but finished below this level.
The Nasdaq is stuck in the middle of its bearish rising wedge
While the Russell 2000 was unable even to mount a challenge of overhead resistance at 50-day or 200-day MAs.
The Semiconductor Index remained pegged by its 50-day MA.
Today was more noise in an already noisy market. We need a decisive break of either support or resistance to get the juices flowing.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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The Nasdaq is stuck in the middle of its bearish rising wedge
While the Russell 2000 was unable even to mount a challenge of overhead resistance at 50-day or 200-day MAs.
The Semiconductor Index remained pegged by its 50-day MA.
Today was more noise in an already noisy market. We need a decisive break of either support or resistance to get the juices flowing.
You've now read my opinion, next read Douglas' and Jani's.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!