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Market Commentary

Declan Fallon runs a market commentary blog at Markets.fallondpicks.com, and is a contributor to TalkMarkets and Seeking Alpha. He previously contributed to the Motley Fool. Declan Fallon is also a UI/UX Dashboard Designer for ... more

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S&P And Nasdaq Move Towards ABC Correction
Indices gapped lower in what's evolving into an ABC style correction; in essence, a zig-zag move lower with a projected target of the measured move of the initial decline. For the S&P, today's selling also registered as distirbution.
Early Gains Fail To Follow Through
The Nasdaq gain came off its 50-day MA with a higher volume (accumulation) bounce. The gains were enough to see a 'buy' trigger in On-Balance-Volume but other technicals remain negative.
Indices Close Lower With Swing Lows Under Pressure
The Nasdaq closed below its 50-day MA as the early week swing low finds itself vulnerable to an undercut and loss of support.
Bounce Struggles Following Earlier Profit Taking; 50-day MAs Hold For Now
We had the initial phase of profit taking which took indices down to key moving averages. Yesterday saw the first attempt by buyers to recover the losses, but today's action has turned things much more bearish.
Third Day Of Selling In A Row
It was another day for sellers to pressure weak-hand longs into dumping their positions. Despite the sizable losses, most of the indices have yet to reach an oversold condition.
Sellers Step In As Moving Averages Hold
After days of small gains, it only took two days to undo the buying for the majority of August before longs stepped in to recover things by Friday's close.
Large Caps Posted Strong Gain But Buyer Beware
After weeks of small gains it was Large Caps in the form of the S&P and Dow Jones Industrials which both posted gains.
Sellers Appear With Volume In S&P But No Conviction
It was looking like a day for sellers to take control but while it was a down day with heavy volume distribution, there wasn't any significant point loss to go with the selling.
Rallies Accelerate Without Volume
The Russell 2000 didn't manage to post a gain but didn't suffer too much damage. The S&P has moved into the 15% zone and is close to the 10% range of historic overbought price relative to its 200-day MA dating back to 1950.
Dow Jones Gain
It was left to Large Caps to do the heavy lifting today. The Dow Jones Index was today's winner as it added over 1% on heavy volume accumulation.
Hard To Get Excited As Rallies Continue
Things tick along in markets with little fanfare; the Nasdaq and S&P both registered gains, but the Russell 2000 took a small loss - but not enough to reverse the breakout.
And The Wait Continues
A day of small losses but no real damage to the rallies. With the S&P joining the Nasdaq in erasing Covid losses, everyone is waiting for sellers to sweep in and kill this rally but they might be for a surprise.
Little Change For Indices From Last Week
Markets are posting small gains which in themselves offer little, but over the course of days add up to a stealth rally. Indices remain above key moving averages, which runs in support of the market trend.
Indices Tick Over For Another Week
The week passed with little change in lead indices. The Nasdaq is moving sideways after trading out of its rising price channel. The index is underperforming relative to the Russell 2000 with a 'sell' in the MACD, but other technicals are bullish.
Nasdaq Expands On Breakdown
There was a small dose of trouble for indices as the Nasdaq pulled away from former channel support (turned resistance) with relative performance accelerating away from the Russell 2000.
Russell 2000 Breakout On Daily And Weekly Timeframes
The S&P did very little on the day but did finish the week higher as a series of small daily gains amounted to a respectable finish on a weekly time frame.
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