Stock Market Commentary: Bulls Push Higher
Courtesy of Fallond Stock Picks
Big points gain but no real volume in the first day back after the long weekend. The Nasdaq 100 created a Parabolic SAR buy signal as the index bounced once more off the 20-day MA.
The Russell 2000 pulled back Friday’s losses but a MACD trigger ‘sell’ keeps bears in the game, although the index managed a new closing high.
The other point of note was the developing top in the Percentage of Nasdaq stocks above the 50-day MA; technicals weakening fast.
The trading ranges established since the last week of 2009 remain in play; 20-day MAs remain good support. All bulls need is a little more upside volume, bears need much more.
