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Daily Market Commentary: Markets Ease Back

Daily Market Commentary: Markets Ease Back

Courtesy of Fallond Stock Picks 

The S&P pulled away from its 200-day MA on light volume. No great surprise given yesterday’s higher volume indecision. Both 50-day and 20-day MAs are a couple of percent away which suggests 2-3 down days to come. 

($SPX)

 

via StockCharts.com

The Nasdaq eased back onto its 200-day MA which may attract some buyers although it’s a little early for other indices.
($COMPQ)

via StockCharts.com

Small Caps took a larger step back at the same time of a ‘Death Cross’ between 50-day and 200-day MAs. Another day like today would see these moving averages tested. 

($RUT)

via StockCharts.com

But the Dow bucked todays’ other market activity with some continued tight trading. Trading range support held which is bullish as is the proximity of the 200-day MA.

($INDU)

via StockCharts.com

All-in-all, today’s action will not have come as a surprise. Tomorrow could see more of the same before moving averages start kicking in as support.  


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