January 04, 2013 at 05:59 AM EST
Daily Market Commentary: Light Trading Action
Bulls can be satisfied with yesterday's action. Markets were able to hold their big gains and what selling there was, turned out to be very light. The S&P did see a technical change with an On-Balance-Volume 'sell', and after a recent upswing in buying, it will be important this doesn't morph into a new downward trend. The breakout gap is a big void which traders will try and fill. True 'Breakout Gaps' never fill, so while a violation of the gap is allowable, it shouldn't be allowed break below Monday's close, and ideally, hold above 3,050. The real winner is still the Russell 2000. A successful back-test of 868 would be very bullish. For Friday, look for more consolidation action. Although the next leg up will probably be a big one as what sideline money is out there is likely anticipating a higher move, particularly for the Russell 2000. --- Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements. Zignals offers a full suite of FREE financial services including price and fundamental stock alerts , stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager , active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own strategy and sell it in the MarketPlace to earn real cash. You can read what others are saying about Zignals on Investimonials.com . JOIN ZIGNALS TODAY - IT'S FREE! Fallond Stock Picks
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