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Weekly Market Commentary: Primed for Advance

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Courtesy of Declan Fallon

A solid close to the week left markets well positioned for further advance on Monday.

The S&P finished Friday with an inside day (to an inside day), with a close knocking on the door of 1,690.


The Nasdaq made a positive test of breakout support, coming back to 3,702 before rebounding. So far, bulls couldn’t ask for more.

 

Nasdaq Breadth remains favorable for further upside (is neutral at worst).

And new High/Lows for Nasdaq and S&P are well off spike highs typically found at reversals.

The Dow looks on course to reach 16,000 as part of the current advance.

And there is solid bullish ‘flag’ taking shape in the Russell 2000.

Bulls have their choice of indices to trade (Futures are up, so early weakness will likely offer buying opportunities).

—

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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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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