Now that the dust has settled on the election, and life can get back to normal for those in Ohio, a quick look at the market gave bulls some hope. Yesterday was a day when buyers were able to grab some bargains before they sat themselves in front of the television to watch results.  Volume increased, which marked yesterday as an accumulation day. Futures also suggest some follow through from the open. However, it wasn't as good as it had one time looked during the day.  The Nasdaq gave back a large portion of its intraday gain by the close of business, finding resistance at its 20-day MA. This for an index working off a natural support level of a 200-day MA. A tough struggle may ensue here. In the bull column, there is a strengthening swing low in the Percentage of Nasdaq Stocks above 50-day MA, helped by a fresh MACD trigger 'buy'. The Russell 2000 enjoyed a decent day, falling shy of a 1% gain. But it does sit on the verge of a MACD trigger 'buy'. ...

Before I take a look at the Indices, I had to mention the dying gasp that was my $XLU position.  Utilities have had a rough few days, and the break of the swing low effectively knocked me out of the position I had.   Tax considerations for dividend paying stocks are hurting the sector.  And unfortunately, my sectorbreadth analysis suggests there is more downside to come. The indices were far more low key than the Utility sector. The S&P finished with a modest recovery, but has to contend with a 'Death Cross' between 20-day and 50-day MAs. Volume was light. Meanwhile, the Nasdaq continued to dig its heels it at its 200-day MA. Buyers have not given up on this index yet. The Russell 2000 has yet to manage a third pass on its 200-day MA, but it came close today. Disappointing though it was for my XLU position, there is still enough on offer from the Nasdaq and Russell 2000 for longside plays. The worry in weakening breadth is that an oversold status...

Another set of stocks which had a rough week, but are performing well: URI, HTZ, USG. Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements. Zignals offers a full suite of FREE financial services including price and fundamental stock alerts , stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager , active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy c...

Another round of stocks to review.  The most recent article covered three stocks enjoying heavy volume buying: DHX, PNK and SLAB . Earlier articles covered Hurricane Sandy plays: FLR and GVA . Wealth Management stocks, ENV, LPLA and SEIC . ---- Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements .  Zignals offers a full suite of FREE financial services including price and fundamental stock alerts , stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote ...

With trading lost due to Hurricane Sandy, it was a bit of a non-event for the markets.  Thursday and Friday were the only real trading days for the markets last week. It was an indecisive week, which given the relative position of breadth indicators to a swing low, suggests bears hold the edge. The Percentage of the Nasdaq Stocks above the 50-day MA sits at 35%, but lasting swing lows typically occur below 20%, so the attempt at a swing low appears weak. The Nasdaq Bullish Percents barely moved on the week, but what movement there was, was lower. It also sits above 50%, some way from swing low territory. It was a similar story for the Nasdaq Summation Index.  Swing lows occur around -800, but this index was only down to -234. With breadth indices some way from a swing low, and the Nasdaq caught between support and resistance, the current push lower is likely to continue. The Russell 2000 spent a second week at declining support. Long side plays remain fav...

As NY got to grips with the after effects of Hurricane Sandy, the market managed to add its 2 cents too.  Buyers were quick to snap up stocks, particularly those of harder hit technology indices. The Nasdaq has so far mounted a text book defense of its 200-day MA.  Bulls jumped in with some gusto, but its next challenge is perhaps just a day away - the 20-day MA. Technicals held their bearish tone, but On-Balance-Volume may see a bullish cross tomorrow. The leg work was done by the semiconductor index.  It gained over 4% on the day, finishing above its 20-day MA.  However, it continues to trade below its 200-day MA. Small Caps were able to go a step further.  While it didn't enjoy as much of a gain as did the Russell 2000, it was able to close above its 20-day MA; good news for Nasdaq watchers. The biggest volume gain went with the Dow.  Buyers have so far jumped the gun a little, with accumulation occurring before the 200-day MA was tested...

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