Declan Fallon | TalkMarkets | Page 66
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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Low Volume Selling
Today gave an inclination that selling could be slowing. Markets did experience modest losses, but these came on low volume and support is available for some indices.
Sellers Keep The Pressure On
The S&P experienced higher volume distribution, but is enjoying a relative strength gain against the Russell 2000.
Markets Rally But Breadth Remains Weak
Monday enjoyed some follow through upside after Friday's afternoon recovery. However, gains were on very light volume given the distribution which carried most of last week. Also, market breadth remains in decline from overbought levels.
Semiconductors Breakdown
Thursday's reversal in the Semiconductor Index was followed with a breakdown from the consolidation. This will put pressure on the Nasdaq and Nasdaq 100 indices, the latter of which turned net bearish on significant distribution.
Losses All Round
There was no escape for indices as sellers achieved the sweep across markets. The Semiconductor Index suffered a big reversal, but not enough to break the horizontal congestion in play since the end of March.
Indices Diverge
Apple's disappointment may have previously caused more of a reaction in the broader market, but today's response - outside of Tech - was muted. However, there was a divergence between Tech, and Large and Small Cap indices.
Small Caps Recover
The Russell 2000 had the best of the action with a reversal on yesterday's losses. This is a strong vote of confidence for bulls, although channel resistance hasn't yet been breached.
Late Buying Helps Large Caps. Small Caps Vulnerable
The S&P finished near the day's high, although slightly down on yesterday's close. Relative performance continues to lag Small Caps despite the better performance today.
Small Cap Gains But Tech Distribution
Small Caps were the chief winner on Friday with a near 1% gain. Such action will have pressured Shorts who may have jumped on Thursday's selling from channel resistance.
Disappointing Earnings Hurt Late
Microsoft and Google are doing their bit to kill the momentum of this respectable rally. While the short term picture gives bears an angle to work with it's going to take more to suggest this rally is done.
Flat Day
Semiconductors were able to make back some of yesterday's heavy losses, but other indices were little changed.
Semiconductors Take Hit As Large Caps Rally
A Tale of Two Cities as Large Caps keep bullish momentum running with higher volume accumulation, while Techs - influenced by Semiconductors - edge lower.
Bulls Advance
Two days of indecision has given way to another day of gains for bulls. Volume was lighter, but there was an important technical gain with reversals of MACD 'sell' triggers.
Friday's Flat Finish
The last two days of last week saw little change in markets. Volume was light, in line with quiet action. Next week will be an opportunity for follow through on the gains made during the first half of the week and see some pressure on all-time highs.
Solid Follow Through By Bulls
Gains in the S&P were paired with further losses in relative performance (against the Russell 2000). However, other technicals are improving and the only other 'sell' trigger in the MACD could turn into a strong 'buy' by the end of this week.
Bulls Turn Up On Day 3
Bulls were a little late to the party, but today's action was positive and brought markets away from the brink.
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