Fallond Stock Picks: Stock Market Commentary: Day 2 Consolidation

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Wednesday, January 06, 2010

Stock Market Commentary: Day 2 Consolidation

Another day of waiting for markets with very little movement or inkling as to the next move markets will make. Volume dropped from yesterday and other than the twin doji in the semiconductors which may suggest some slowing in the advance, it was business as usual

Can the S&P muster a break in its MACD bearish divergence?

Market Breadth has entered overbought territory once more with the Percentage of Nasdaq stocks above the 50-day MA at 69% (above the 60% bear market threshold)

But the Nasdaq Summation Index and Bullish Percents still have room to the upside and are trending higher - so not expecting any sudden reversal here.

Higher Prices for Thursday?

Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.