January 30, 2013 at 18:00 PM EST
Daily Market Commentary: Late Selling
Profit taking paid a visit to the market. Small Caps experienced the worst of the day's selling. The index finished with a loss over 1% and is fast tracked towards its 20-day MA. The Russell 2000 also closed with a MACD trigger 'sell'. The heavier loss in the Russell 2000 translated into a relative gain for the S&P, despite the loss in the index. Selling volume was also well below yesterday's buying. Upcoming losses in the S&P should come in lighter than respective losses in the Russell 2000. The Nasdaq also experienced a modest loss, but is still range bound. The Nasdaq was the first index to touch 20-day MA support, and the first to trigger an On-Balance-Volume 'sell'. There was also a MACD trigger 'sell'. This suggests the mini-breakout from January will fail, and the index will retest the sizable breakout gap. For Thursday, look for some follow through selling, with the Russell 2000 likely to lead markets lower. The Nasdaq may offer shorts the best opportunity for a trade as each of the mini-breakouts fail. --- Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . You can read what others are saying about Zignals on Investimonials.com . JOIN ZIGNALS TODAY - IT'S FREE! Fallond Stock Picks
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here