Daily Market Commentary: Techs lose 50-day MAs
Courtesy of Fallond Stock Picks
While the S&P honored 50-day MA resistance which it had failed to break yesterday, the Nasdaq wasn’t able to maintain its hold above the 50-day MA. Early gains took the Nasdaq up to the 20-day MA but in the end it finished near Wednesday’s low.
via StockCharts.com
via StockCharts.com
Small Caps, which had been leading the markets higher, stumbled at the 20-day MA after it pushed through its 50-day MA yesterday. The ‘spinning top’ marks indecision so it is by no means certain bears have control.
via StockCharts.com
The semiconductor index also struggled at declining resistance.
via StockCharts.com
Friday is likely to see lower prices given the presence of declining resistance and/or 20-day/50-day MAs. In addition, the willingness of buyers to defend Monday’s rally will be a key factor in how far markets fall over the next couple of days.