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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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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.
Small Caps Make Hay
Small Caps have been feeling a little left out as 2020 rolled in (based on relative performance to Tech and Large Cap Indices), but today saw some of this lost ground returned.
Friday's Losses Reverse With Nasdaq Acceleration Kicking Off
The week started brightly, although buying volume was light. However, the Nasdaq is looking to accelerate its rally as today's gain pushes against channel resistance.
Small Losses Friday Don't Stop Rallies
Friday's action saw a small loss against what was a positive week for indices. Volume was light, reflecting a lack of conviction on the part of holders to want to take profits.
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