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Stock Market Commentary: Support at 20-day MAs

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Stock Market Commentary: Support at 20-day MAs

Courtesy of Fallond Stock Picks

It was a picture perfect bounce off the 20-day MA for the Nasdaq as relative strength to the S&P swung one way then the next, so no real winner yet. Yesterday’s OBV bearish crossover reversed but a couple of mild sell-offs over the next few days will likely be enough to re-instate the ‘sell’ trigger.


Small Caps got a healthy bounce off support and any follow through tomorrow will have shorts running for cover once more


Semiconductors recovered some ground at their 20-day MA but bears will be stronger on the return to 370 as startled buyers from the past few days look to exit at breakeven.


If money rotation continues towards Large Caps then the rally in the S&P will be slow to reverse.


Further evidence for a shift away from Tech comes from a sharp reversal in the Percentage of Nasdaq Stocks above the 50-day MA at resistance (75%) although supporting technicals have yet to follow


No given index has stumbled yet, but the likelihood is for weakness to hit the Nasdaq and Nasdaq 100 with the S&P to benefit from rotation. However, if weakness in Tech spreads to Small Caps it will only be a matter of time before Large Caps fall with them.

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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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