Courtesy of Declan Fallon
The Percentage of Nasdaq Stocks above the 50-day MA managed an 8 point gain to make it to 46% of Nasdaq.
The Nasdaq enjoyed a higher volume engulfing pattern. The ‘engulfing pattern’ is weakened by the lack of an oversold market for the Tech average, but this is an index which is well above nearest support.
The feelgood factor extended to other indices. The Russell 2000 continued to hold the former head-and-shoulder neckline as support and is threatening 830 resistance. Bulls are well positioned to press their advantage.
Likewise, the S&P worked off 1,370 support but has yet to challenge the 2008 high of 1,426.
Next week, look for bulls to follow through with new high, continuing the rally started in 2011.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
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