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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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Substantial Channel Breaks As Small Caps Hold The Keys
The S&P gapped lower out of its rising channel, following the Dow Industrial Average in its channel break on Friday.
Dow Breaks Rising Support Channel
The Dow Jones Industrial Average fell outside of its rising channel and into challenging the January 'bear trap'. It's the first of the lead indices to fall outside of its rising channel.
S&P And Nasdaq Recover Morning Losses, Russell 2000 Leads
Volume has eased since markets broke clear of resistance to new all-time highs. The S&P did enough to tag both breakout support and its 20-day MA as part of today's correction.
Market Indecision
Between's Apple disappointing sale guidance, HSBC's 35,000 employee layoff plan, and lingering Coronavirus, it was looking like markets were heading towards a clear downward session - but this was not the case.
Rallies Defended
There wasn't a whole lot to Friday's action, but the one thing which was important was the successful defense of the Russell 2000 channel breakout. As a bonus, the Nasdaq is running alongside channel resistance and is ready to accelerate higher.
Breakouts Extend
The S&P extended its move above 3,330 resistance on higher volume accumulation. There is still room to run to channel resistance on net bullish technicals.
Tech Indices Follow Through Gains
It was a good day for all markets, but as the Nasdaq was leading other indices with its breakout it was important for this move to hold. It did so with little concern, helping to boost an already strong technical picture.
Nasdaq Holds Breakout With Large Caps Recovering From Bear Traps
Traders are looking to more defensive issues with buying in the S&P and Dow Jones. However, the Nasdaq is offering opportunities for traders more interested in growth stocks.
Bounce Continues With Volume
Buyers worked the bullish harami as a swing low with a second day of buying, this time on higher volume accumulation. The biggest winner of the lead indices was the Russell 2000, but all indices benefited.
Bulish Haramis Attempt To Establish Swing Lows
There was a reluctance on the part of traders to react to the bearishness of Friday' trading, although today's buying came on significantly lower volume.
Indices Break Channels
Friday was a return to the selling which started the week; the Monday gap down and Friday's selling bound small gains into the gap. Friday's selling also brought with it channel breaks across many of the indices.
Buyers Return
The gap down at the start of the week is still the dominant pattern but today helped stabilize the losses. Indices did have support to work with, the Dow, in particular, is still trading inside its channel.
Recovery From Yesterday's Gaps; Nasdaq And Dow At Channel Support
For the S&P, the gap down may have been enough for value buyers but the break effectively kills the rally and likely starts a new sideways consolidation.
Small Caps Break Support
Not since September of last year have we seen a selling day like Friday's. Hardest hit of the indices was the Russell 2000 as it broke below support of its rising channel.
Small Losses On Light Volume
A slow start after MLK day led to minor losses for markets. Technicals remain positive with the S&P enjoying a sharp uptick against Small Caps which experienced a loss.
Nasdaq Accelerate Rally
The Nasdaq is accelerating through channel resistance as relative performance continues its run of good form.
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