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Daily Market Commentary: Markets Ease Back

By Chart School
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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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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.

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