The indices continued to undo Monday's sell off. The only watch points are the breakouts of declining wedges for volatility (VIX and VXN) as the parent indices test support. The Nasdaq bounced off support, but the Summation Index is close to reversing the recent 'sell' trigger; so this will put things back on hold. The NYSE Summation Index looked to be on the verge of a 'sell' trigger until Wednesday's advances pushed it higher. Watch how the consolidation triangle in the NYSE breaks Get the Fallond Newsletter Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

I posted this on the Zignals blog ; it's a long piece and the market wasn't giving me much else to talk about. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

Sharp losses but no real volume. Significant technical damage (particularly from the MACDs) which could easily be undone with some low volume gains. Had the selling happened next Monday it likely would have carried greater significance, but don't be surprised if markets undo half of what was lost yesterday, today. The two indices I am keeping my eye on are the NYSE and Russell 2000. The Russell 2000 tested the 200-day MA in what could turn out to be a nice handle if it finds this key moving average as support. The downside is the position of stochastics in no-mans-land; suggesting further losses likely. The NYSE lost last week's 3-days worth of gains and is once again under pressure. I have marked the last band of support before dropping into the abyss (which only a bear trap could save). Stochastics are no longer oversold and approaching resistance; another opportunity to see this swing lower. Get the Fallond Newsletter Dr. Declan Fallon, Senior Market Technician, Zignals.com

Not much ado in the market as we head into the final week of vacation. Richard Crockett leads with the S&P bullish percents doing their best to roll over. Although I'm not sure what he is using as his trade signals unless he hasn't marked in the recent whipsaw signals. The S&P is in bear market territory: But have Gold miners found a W-bottom? Maurice Walker says it succintly: The voice of volume reveals that the market is now rising on declining volume. I like his 15-min QQQQ chart. Will we see the head-and-shoulder pattern come to fruition: With a matching play in the 60-min window: Russell 2000 also at an intresting junction. Small wedge broke upside following a downward break of a larger bearish wedge: Over the long term: If the QQQQ falls back to test the $45.50 to 46 area, we could see both the DJIA and S&P 500 make a test of the July lows. It is my personal believe that rather than that, they will just put in a higher low, but know one knows for sure. The d

We have had our first Blogger review from Alex Kirtland entitled " Charting from Zignals...Argh !". The review has a good demonstration video of an unusual 'bug' , which has since been solved. As the title suggests it's not a glowing review but we have we have addressed (and will continue to address) the issues Alex raised: The non-closing tabs were a challenge , but a simple correction solved this problem The jumpy menu bars can be solved by pinning the menu bars in place Wikinvest has a user friendly interface but lacks features. Stockcharts has the features, but to get the most out of it you have to pay for it ( pay more now ). StockCharts.com has a chart annotation tool which is far from perfect (just see how often the Java applet gives you a memory error without notice; this from a 5-year user of their service). With Zignals we offer the features for free and we are working hard to get the user interface as smooth as possible. Zignals stock charts now

My Netvibes feeder has seen a drop in activity from some key financial blogs. Known early day casualties included Trader X amongst others, but the past 4 months have seen another swather of blogs go silent. Many without reason. One can only assume the author(s) are okay - but perhaps their absence reflects a form of capitulation; who wants to write about a "bad market". Trader's Narrative reappeared today after a lengthy 2-month absence. Babak has an impressive 1,843 RSS Subscribers. High Chart Patterns has posted once in the past three months, the most recent post now a month old. It offers a newsletter service which is spoken highly of by Uglychart ( most recently ) and MovetheMarkets . Raw Greed did suffer a Hack attack but the site looks to be online. The last post was made in late June; it has/had(?) been in operation since 2005. One Guy's Investments of Travis Johnson hasn't seen a blog post in 4 months. It usually posted on a monthly basis. Formerly A

Oil looks set to challenge its 2008 highs, setting in place the ultimate top for oil [July highs] and the end of the cyclical bull market in oil. However, this topping pattern for oil will occur within the context of a secular bull market for commodities. So the secondary push lower, likely to occur in the latter part of the year into early 2009, will provide an excellent buying opportunity as the global economy benefits from the deflationary environment. As a hypothetical one should watch for an initial move to the the 50-day MA. The nascent rally will probably stall here because of the added supply at this traditional resistance level. A modest retracement down to $120 should see the return of demand and a more forceful challenge on the 50-day MA. This second challenge on the 50-day MA will produce the break and bring the rally to fibonacci retracement levels around June 2008 lows, but with the possibility of extending the rally to around $140. This final push will probably breakdown