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Daily Market Commentary: Indecision Once Again

By Chart School
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Daily Market Commentary: Indecision Once Again

Courtesy of Fallond Stock Picks 

From June struggles at 50-day or 200-day MAs to July struggles at former trading range support-turned-resistance it was a disappointing day for bulls. Even within this, some indices did worse than others.

The S&P spun around Friday’s range with early gains towards 1,049 resistance (1,040 for many others) pegged back by the close. Volume made modest post-vacation gains but was well down on a normal trading day. Technical weakness expanded and it has started to significantly outperform Small Cap stocks (bearish). 

($SPX)

via StockCharts.com

The Nasdaq was similarly struggling although there is a declining support which is holding and offers potential for those who like to catch knives – run a tight stop (below 2,061) if looking to go long. 

($COMPQ)

via StockCharts.com

The real damage was in the Russell 2000. A close at the lows leaves it looking like an index which wants to crash. It is deeply oversold – but oversold can stay oversold. Buyer Beware.

($RUT)

via StockCharts.com

The one index to offer hope is the semiconductor index. Unlike the others it has yet to breach the trading range, although technically it is struggling. 

($SOX)

via StockCharts.com

Wednesday will be a day to watch the Russell 2000 and SOX; the former for a runaway move down or the latter to form a bottom. Which will come up trumps? 

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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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