Declan Fallon | TalkMarkets | Page 62
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 First ...more

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Neutral Day For Indices
Markets were unable to build on premarket gains, but did manage to finish the day where they started.
Late Selling Leaves Markets At A Crossroads
The follow through from Thursday's buying burned out after the first hour of Friday's trading and Friday closed back at Thursday's close. Where Thursday's action had set up for upside follow through, Friday's 'inverse hammer' is offering the reverse.
Sellers Hit Out
Today had the look of a decisive break down, but the last such breakdown from September's Brexit vote had a similar guise, but it failed to follow through.
Action Remains Tight - Sunday, Oct. 9
For a while on Friday it looked like Bears had the breakthrough, but Bulls came back at the end to push indices back inside scrappy consolidations. If there is a concern for bulls it's that the S&P now finds itself bumping against the 50-day MA.
Bulls Attempted A Rally
What was looking very good into the last couple of hours just ended up been good. The weakness from yesterday was pushed aside and there is a buying opportunity for aggressive traders with a loss on yesterday's lows.
Bears Take The Initiative
There wasn't a whole lot to today's action. The coiling action unwound with a relatively unconvincing push-down. There was no significant break of support or move out of prior consolidations for major indices.
Inside Day Set Up
The S&P is playing into a rising wedge with technicals net bearish, although intermediate term stochastics and the MACD are on 'buy' signals.
Window Dressing Or Ready To Run?
After my 2 week work break I've come back to a mixed message market. The question is which market is in charge? The clear leader over this period has been the Semiconductor Index.
Distribution Volume Holds Near Thursday's Highs
Friday saw some big volume, but there was a relatively tight price action to close near the highs of Thursday. Best of the action belonged to the Nasdaq as it knocks on the door of 5,287. A gap higher on Monday opens up a push to new all-time highs.
Tech Indices Get Their Boost
Bulls got their reward with the Nasdaq popping higher following a series of inside days. The coiling action brought about by recent action delivered over a 1% gain.
Tech Rallies Stall, Large Caps At Low
The day started with bulls enjoying a positive start, but much of these gains were clawed back by the close. The Nasdaq had the best of the action, doing enough to finish above yesterday's close - but not enough to finish at the day's highs.
Bears Take Another Slug
After yesterday's blast, bears took another chunk out of the recovery. Bulls might actually get more joy with a small position at the lows of the last three days in Large Caps.
Two Bar Reversal
The rally in the S&P stalled out at the 50-day MA. The index has underperformed since July and Friday's gain only made modest in roads into returning to a leadership role.
Small Caps Add To Gains
There wasn't a whole lot of action in markets today. The absence of selling is good news for bulls (more so than the absence of buying is good news for bears).
Post Labor Day Buying
Tuesday's action came as a bit of a relief for bulls worried the return of traders from their holidays would kickstart a wave of selling.
Small Caps Break Out In Dog Days Of Summer
It was a lackluster Friday with only Small Caps making the break. Weaker than expected jobs data had looked like it was going to be a catalyst for a breakout, but in the end there was only one index showing positivity into the Labor Day weekend.
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