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Thursday, March 28, 2024

Stock Market Commentary: More Indecision

Stock Market Commentary: More Indecision

Courtesy of Fallond Stock Picks 

The Nasdaq 100 continued its run of doji; note the two bearish distribution days stuck amongst the low volume buying.

The semiconductor was a little more proactive and mounted a defense at support. If Tuesday’s gain can follow through it will help the Nasdaq and Nasdaq 100.

Market Sentiment as measured by the Bullish Percents are showing some contradictions; new highs as part of a breakout in the indicator, but the CCI is on a ‘sell’ and there is a bearish shift relative to the Percentage of Nasdaq stocks above the 50-day MA.

Can action in the semiconductors convert to a positive Wednesday for the Nasdaq and Nasdaq 100?

Stock Breakouts

There were 24 breakouts in total; four were of interest but six were low-grade penny stocks. Not much cream left to skim?

Zignals Chart Image 

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