Daily Market Commentary: New MACD 'Buys'

While today's action was a whole lot of nothing, over today and Friday there were a couple of significant technical shifts. The S&P saw a MACD trigger 'buy' which reversed the last of the bear signals triggered by the November decline. ($SPX) via The Nasdaq too got a MACD triger 'buy' which swung all technicals back to net bullish, ending the November decline. Monday's tiny gain was enough to register a new closing high for the year (and the rally from March 2009 low) ($COMPQ) via The Nasdaq also got a boost as the Percentage of Nasdaq stocks above their 50-day MA broke upside with new 'buy' triggers in its MACD and ADX. ($NAA50R) via The Russell 2000 has yet to take a breather since breaking to new highs. It was one of the better performers for Monday. ($RUT) via So while today may not have grabbed much attention it effectively put an end to the technical decline from

Weekly Review of Stockcharters: Bulls To Continue?

After another good week for the indices as bulls squeeze bears. Prior Bull Traps have reversed and shorts will be threatened by the potential to push back to 2007 highs (or higher). What had the Stockcharters to say about it? Anthony Caldaro of is looking at a fifth wave higher in the S&P His weekly chart has also moved back towards a more bullish outlook with a third wave higher. Similar on the monthly Richard Lehman of the Channelist is looking for a slowing of the initial advance; too much too fast - but by no means done. 12/5 -- Short term charts are in upchannels again now, but at the upper lines and ripe for a pullback very soon. The small caps (like RUT) and sectors like XLE have accelerated and are getting way ahead of themselves. The dollar's drop late last week propelled some things to unsustainable heights. December may be net positive, but don't expect a smooth ride. 12/2 -am- The market has now taversed from the l

Weekly Market Commentary: Nasdaq 100 Index to Watch

Bulls made all the running after the Thanksgiving weekend with the Nasdaq 100 the index to watch for next week. The Nasdaq reversed the bull trap and has brought back into play the 2007 high. Nasdaq via But the Nasdaq 100 is just a hop, skip and jump away from breaking the 2007 high. ($NDX) via However,market breadth continues to roll over. The Summation Index was down for yet another week. ($NASI) via While the Nasdaq Summation Index holds to its bull trap ($NAA50R) via Back to the indices and the Russell 2000 finished against 2008 resistance ($RUT) via While the S&P is again pressuring resistance, although well down on relative merit to Nasdaq and Russell 2000. ($RUT) via Bulls don't require big gains to generate some key breakouts. The Nasdaq 100 is the index to watch, but all indices offer good upside potential if the indices can push a little higher.

Daily Market Commentary: Bullish Follow Through

A second day of buying regained the bulk of losses triggered by the November sell off. The S&P registered an accumulation day and reversed the 'sell' trigger for on-balance-volume - only the MACD 'sell' is left to usurp. ($SPX) via The Nasdaq was a little more tentative. It cleared the congestion of the past 3 weeks, but buying volume was lighter. It is poised to crack through 2,579 resistance. ($COMPQ) via Oddly enough, given the two strong days - the Percentage of Nasdaq Stocks above the 50-day MA has yet to break out of its congestion zone. ($NAA50R) via Although the Nasdaq Summation Index got its first bullish sign with the cross of -100 in the CCI. ($NASI) via Small Caps did well to break above former channel support, turned resistance, as part of its push to new highs. Technical strength continued to improve. ($RUT) via But the real winner was the semiconductor

Daily Market Commentary: Push Through 20-day MAs

The S&P was able to break clear of the November decline, pushing through the 20-day MA - albeit on slightly lower volume. There was a modest technical improvement but the early bear warnings haven't reversed (although technicals are still on a confirmed 'buy' signal - the thick green line on the chart). ($SPX) via The Nasdaq gapped to its 20-day MA, but was unable to push higher. The gap might yet close if Wednesday's open price (2,535) is undercut. ($COMPQ) via The real winner on the day was the Russell 2000. It cracked through tricky 736 resistance on a MACD trigger 'buy'. The move was enough to negate the early bearish technical swing, meaning bears have it all to do. ($RUT) via The other mover was the semiconductor index. Yesterday's doji at the 20-day MA, which had suggested a bull trap to the earlier breakout, has done a total 360 and is now a bear trap with 20-day MA support. The sharp 3%

Daily Market Commentary: S&P Defends 50-day MA But Bearish Turn

It's going to be a busy couple of days for 50-day MAs for all indices. The S&P was able to defend its 50-day MA, but not before gapping down off the open and trading a confirmed distribution day. The increase in selling volume was enough to register a 'sell' for on-balance-volume. ($SPX) via The Dow took weakness a step further by breaking below its 50-day MA on a net bearish turn in technicals. Worse to come? ($INDU) via The Nasdaq started with an opening gap to yesterday's low and closed the day at the same level, but it was unable to make a significant impression into yesterday's trading action. A test of 50-day MA is likely Wednesday. ($COMPQ) via The Percentage of Nasdaq Stocks above the 50-day MA is caught in a tight range, but this looks destined to break lower given the negative technical picture. Should it do so it would weigh on any test of the 50-day MA in the parent Nasdaq. ($NAA50R) via S

Daily Market Commentary: Bulls Stage a Recovery

After a post-holiday hangover markets got off to a sluggish start, but by the close of business bulls had done enough to suggest there might be some upside follow through tomorrow. The S&P was able to dig-in at its 50-day MA, but finished the day caught between its 20-day and 50-day MAs. AAAAAAAAAB S&P 500 Large Cap Index ($SPX) via The Nasdaq eased back into last Thursday's gap before recovering. Volume also picked up into the close, although it did not get to test its 50-day MA. ($COMPQ) via However, the semiconductor index held on to its breakout and if it can continue to do so over the next couple of days it will help push the Nasdaq and Nasdaq 100 past their November highs. ($SOX) via The Russell 2000 held on to its 20-day MA; 736 resistance is still a big test - a challenge for Tuesday. ($RUT) via Today's late afternoon action suggests markets will follow through higher tomorrow


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