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Weekly Market Commentary: Higher Volume Accumulation – But Little Change

By Chart School
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Courtesy of Declan Fallon

Plenty of huff, but not alot of puff as markets enjoyed some higher volume accumulation, but were unable to add some points on the board. The Nasdaq remained hemmed in by resistance.

Nasdaq

via StockCharts.com

As the Nasdaq Bullish Percents gave their first ‘sell’ signal (the MACD)

($BPCOMPQ)

via StockCharts.com

The Russell 2000 is holding support of spike lows to 800.

($RUT)

via StockCharts.com

Meanwhile the S$P is doing a good job of defending 1,300.

($SPX)

via StockCharts.com

As the S&P Bullish Percents succumb to a ‘sell’ trigger in the MACD.

($BPSPX)

via StockCharts.com

So not much change on the week – bulls defended lows for a second week which offers something on which to build. But with market breadth continuing to breakdown (bullish percents are bearish like the percentage of stocks above the 50-day MA) any push higher might be short lived.

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