January 08, 2013 at 17:35 PM EST
Daily Market Commentary: Consolidation Continues
A further day of selling offered relatively small losses for key indices. Markets were able to make back some of the ground lost in morning trading, reflecting continued interest on the part of buyers (even on a down day). The Russell 2000 remained the most resilient to the selling, shedding just over 0.10%. Its breakout remains intact with all supporting technicals in the green. It's the index of choice for longs. On the other side of the coin was the semiconductor index. Here, there was concerted action on the part of sellers to take the index back to support. Although, there was a fresh 'Golden Cross' between 20-day and 200-day MAs. Today's close does offer an aggressive long, with an alternative entry level at the fast rising 20-day MA. The damage in the semiconductor index was reflected in the Nasdaq and Nasdaq 100. The Nasdaq 100 also generated a 'Golden Cross' between 20-day and 200-day MAs and is sitting at a support level. Again, it offers a good place for longs to step in. The S&P saw a 'bear' cross in On-Balance-Volume, but the consolidation continues to perform well (if a bull). Tomorrow may see more of the same, but every passing day - like today - favors bulls more. Bears have their work cut out, but the tech averages do sit on a support level which will be considered attractive for aggressive long positions. ---- 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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