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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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Indices Hold Breakouts
Last week, there was an opportunity for shorts to attack the returning bounce back to the channel (which was stopped by Thursday's breakout). Now, there is an opportunity to build on breakouts and re-establish rising channels.
Holding Last Week's Upside Gaps; Russell 2000 Poised
A shaky start to the week has so far managed to hold on to Friday's gains.
Markets Stall Off Friday's Gain
Sellers made a return after a couple of days of gains; losses were light and on small volume but there was no desire to take markets to new all-time highs as profit-takers were the more active parties.
Relief Rallies Face Challenges From Former Channels
After the channel breakdowns last week, indices now face the prospect of challenging former support of these channels.
Reactionary Bounce For Indices
After yesterday's gap down there was a bit of a reactionary bounce to the selling. Indices have confirmed breaks from rising channels, so now it's a question of defining how long indices will move sideways for.
S&P Breaks Rising Sep-Nov Channel
It was no surprise to see indices fall to - or out of - their narrow channels as traders look to consolidate the advance.
Russell 2000 Consolidates With Other Indices
It was a rare Thanksgiving Friday which didn't see indices close higher as has often been the case in recent years. However, there was no significant damage done to indices by Friday's half-day selling as junior traders ruled the roost.
Rallies Continue Their Gains
Bulls are starting to put a bit of distance on the prior consolidation of early November and this will only make it easier to extend gains when Santa comes to town.
Indices Inch Higher
Indices didn't make big percentage moves, but gains were welcome and followed from morning gaps on higher volume accumulation.
Indices Look To Support At 20-Day Mas
There wasn't a whole lot to Friday's action but for many indices the week finished with a sequence of 2-3 dojis at - or just above - 20-day MAs.
Sellers Emerge With Volume, But No Real Damage Done
No surprise to see profit takers make an appearance on heavy volume distribution. Despite the selling, there was no real damage done to indices.
Small Gains Leaves Things Unchanged
Very little to say about today. Small gains keep things positive although volume was light.
Rallies Kick On; Large Caps Have Best Of Action
With higher volume accumulation the S&P delivered a new swing high with a bullish cross in relative performance against the Russell 2000. On-Balance-Volume finished with a new multi-year high.
Russell 2000 Makes Support Test
Rallies continued for indices with the exception of the Russell 2000, which made a support test of the breakout level. The Russell 2000 support test is helped by the proximity of the 20-day MA, although it's on the verge of a MACD trigger 'sell'.
Tick Tock Rally Continues
Very little to add from what has gone before; rallies continue higher with supporting technicals still positive (no bearish divergences of concern).
Rallies Extend
Friday was more of the case of preserving gains and undoing some of the potential 'topping' candlesticks which had emerged on Thursday.
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