Thursday clsoed as a non-entity sort of a day. It could be argued the break of the Nasdaq channel stalled, to place it back on channel resistance. If the Nasdaq was to further drop then what happens at black channel support (closely in tune with the 20-day MA) will govern the level of demand from buyers. Certainly channel resistance is clearer to see for the Nasdaq 100 Semiconductors took a more serious hit, although Thursday's loss wasn't enough to violate former resistance-turned-support. On the sentiment front there was a bullish breakout (and bearish divergence negation) in the Nasdaq Summation Index; intermediate term picture strengthening on the bull side. Friday set for a lower open ; options expiration day to boot. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts , stock charts , watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

It is becoming increasing difficult to identify stalling areas in this market. Today saw strong gains on good volume; gains which were sufficient to push through rising (6-month) channel resistance - accelerating the rate of advance. While bears are getting crushed it's probably hard for bulls to know when to step off the train, so look for markets to keep on rising. There was very little today to suggest a top is coming soon, even though market breadth is screaming for one. For the Nasdaq I have drawn a new, sharper, upward channel But today's real winner was the Russell 2000; it has soared to new highs and is well inside its July-September channel The only laggard was the S&P - but it's a laggard because of the slower rate of ascent If September is to prove itself as a seasonal blue period then markets will have to lose *a lot* for this to come true and time is running out for this to happen. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock ale

A day much like yesterday where the market started weak but then picked up all the way through to the close. It's like July all over again... The Nasdaq supported decent enough accumulation with channel resistance keeping things cool, but steadily rising in the process. For the Dow there was a MACD trigger 'buy'. Volume also climbed to register an accumulation day. It's great rally to be a part of - a pain trying to pick an entry point (unless you were lucky to get in at the September bottom). So expect this to rise some more just to stick the knife deeper into bears hearts. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts , stock charts , watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

A day late on this although Monday didn't change the picture a great deal. Didn't see anything new from Anthony Caldaro of Objectiveelliotwave . Yong Pan of Cobrasmarketview has more bearish signals in play for both short and intermediate time frames. The lack of (recent) upside volume days - even for the September reaction low - is worrying Keep an eye on bearish wedge resistance Would not be surprised if the S&P made it to 1,246 - will we see the rally extend all the way through to 'Santa' time? Richard Lehman is looking a broader, upward, channels. Minor channel breaks yesterday. 9/14 -- It may not show as much on the Dow, but on the SPX and the small cap indexes, green lines are being hit and both the short and longer term picture are looking very vulnerable to me. Blue minis looked like they were breaking (and some actually may have) but the markets managed to hold off any material down move to rise up to the greens once again. They can crawl along the

Today's interest wasn't so much the indices but supporting sentiment indicators. The leader was the Percentage of Nasdaq Stocks above the 50-day MA with its break of the bearish divergence and net bullish turn of the technical indicators (from Friday but Monday will have seen further consolidation of this breakout). The Nasdaq Summation Index is predominantly influenced by the bearish divergence but it has at least managed a bullish cross of its 5-day EMA. None of this changed the move in the Nasdaq which made a new high on (ever) declining volume. Driving Tech higher were the semiconductors as last week's resistance breakout held The market looks like it has more in the tank and has been very resilient; rising channels intact across the board. Nothing more to add. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts , stock charts , watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

Another week of gains for the indices. Volume was down (surprisingly) for the first 'real' week of trading follow the Labor day weekend. The Nasdaq ended the week with a clear break of 2006 reaction low resistance with the next significant resistance levels at 2,475 and again at 2,550 The Nasdaq 100 will be of interest next week with converged resistance from the 2007/08 reaction low and former rising support now in play. The bearish divergence in the MACD histogram is also a concern. A similar MACD bearish divergence is at play in the S&P; is there a resistance break to close the week? Sentiment was unchanged with all key indicators overbought but this situation has continued since July => not much help. So when will the next down-leg begin? Look to the Nasdaq 100 for leads... Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts , stock charts , watchlist, multi-currency portfolio manager and strategy builder website. Forex data available to

The bulls have thrown the form book out of the window with the Nasdaq pushing a new closing high with a fresh MACD 'buy' signal. Volume was down on yesterday but well up on the prior week (with the exception of last week's distribution day) The Dow did register an accumulation day and is very close to a MACD trigger 'buy' The best news came from Small Caps with solid highs on a fresh MACD trigger 'buy'; but in addition, relative strength swung in favour of small caps over tech and large cap stocks - the most bullish alignment for the markets. Bulls have steered this rally back on course with some respectable volume. Bears must be fuming given there is still plenty of momentum (and support) to push this higher. Rally intact. Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts , stock charts , watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.