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Weekly Market Commentary: Buyers Drive Markets Higher

By Chart School
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Weekly Market Commentary: Buyers Drive Markets Higher

Courtesy of Fallond Stock Picks 

It was a good week for market bulls. The Nasdaq broke past the lower of the two resistance highs of 2008 but finished just high of the 2008 high. If the Nasdaq can crack 2,535 it will be racing towards pre-recession highs (unbelievable!). 

(Nasdaq)

via StockCharts.com

The Nasdaq 100 went further; it cracked the 2008 high and is on the way to testing the second of two reaction highs of 2007.

($NDX)

But the S&P is significantly lagging, lying a few points off resistance / former support, which broke during the 2008 credit crisis crash. 

($SPX)

via StockCharts.com

Small Caps closed the week up almost 4% but has room to maneuver to 2008 highs.

($RUT)

via StockCharts.com

Market Breadth indicators are mixed. The Percentage of Nasdaq Stocks above 50-day MA is still pegged by declining resistance from 2009.

($NAA50R)

via StockCharts.com

Although the Nasdaq Summation Index has pushed a new multi-year high. 

Nasdaq Summation Index (Ratio Adjusted) ($NASI)

via StockCharts.com

With the Nasdaq 100 leaving 2008 behind, the challenge is for other indices is to follow suit. It’s hard to believe the markets can consign 2008 to history but that is what the Nasdaq 100 has done. Would you rather be a seller or buyer? 

Buyer beware.

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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.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

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