Crude oil prices are looking to sneak over their 50-day MA after weeks of loitering below this level. It may take a little longer for a breal to stick given Bollinger Band width is in neutral territory and the directional index shows no discernable trend (which is good considering there was no denying the direction of oil during the second part of last year). The problem for oil is getting past the trading range up around $51 resistance. It would seem reasonable to conclude there is a floor for oil at $35; given oil is nevery going to $0 and $10 or $20 is so nineties. Gold bugs love their Gold but Black Gold may be a better bet. Disclosure: Own some USO (but should have gone with USL...) Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

The Nasdaq is set up for a big Friday. Buyers were able to register an accumulation day but were unable to break declining resistance from July-September. Technicals are mixed but the strong accumulation trend in on-balance-volume suggests bulls may be able to break through. Again, action in the semiconductor index favours further strength in Tech markets Time will tell Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

Very little happening on the long side. One potential candidate is Shutterfly (SFLY). The stock broke through $8.24 resistance on heavier volume a few days ago and has since retraced back to this now support, closing yesterday at $8.27. I have created a Zignals YourCall (part of Zignals Stock Charts ) for a push to $10.89 with a stop at $7.79; let see how it plays On the market front I am keeping an eye on the Transports; still clinging to November lows as support. Since my last comment there has been a fresh distribution day but it came on the back of a weakening bear trend. The other interesting point is the divergence between the S&P and Nasdaq. Closing prices of the S&P have been pinned by 50-day MA resistance But have held as support in the Nasdaq However, in each case money flow has been good (bullish). When you throw in the semiconductors, things look a little better for the Nasdaq But for bulls it all feels like swimming against the tide. Can they do it? Dr. Declan Fa

There was no follow through to yesterday's selling, but there was little attempt to mount a challenge. Volume disappointed but no surprise there. The moving averages came to the Nasdaq's, Nasdaq 100 and semiconductors rescue, but there was only February lows to help as support for the large caps. The only area of note on the day was the breakout in some of the gold miners. Kinross Gold ( KGC ), Rangold Resources ( GOLD ), and Gold Fields ( GFI ) all made textbook moves; Kinross gold did so with the support of a MACD trigger 'buy' above the bullish zero line. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

After an initial promising kick in the number of stocks popping over their 200-day MAs, yesterday proved to be a kick in the teeth as market sentiment was scrambled. In effect, sentiment was downgraded from net positive to a trading range (but not outright negative). The Nasdaq was in better shape, but it too is faltering Given the relative standing of breadth indicators the expectation would be for lower prices over the next 1-6 months contrary to my initial assertion for a rally into May. This scenario has yet to confirm, but it's now on the table. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

For swing traders it was a play to form day. Resistance dominated and the resulting down draft was sharp and came with heavier volume. Small caps did not escape the sell off and the 50-day MA contained the recent advance as the 20-day MA did in January The only bright spot looked to be gold; watch for the upcoming "Golden Cross" which will keep gold bugs a twitter. I would like to see a handle form with a retest of the 200-day MA but it certainly looks to be one of the better opportunities out there. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website

Yesterday's tight trading will provide swing trade opportunities by buying or selling the break of the high/lows (stops on the flipside). However, beyond today much will depend on the semiconductors and how they react to the newly upticked 50-day MA. If they hold the average it will boost tech averages and take large and small caps with it. But with stochastics overbought and trend strength non-existent the 50-day MA will likely see another test very soon; probably starting with a sell-the-stimulus today. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website