February 04, 2013 at 17:38 PM EST
Weekly Market Commentary: Sharp Reversals
Monday delivered a substantial reversal to Friday's gains, but trading volume fell - offsetting much of the pain of today's losses. There were other shifts too. In the S&P there was a MACD trigger 'sell' to come with the drop. The 20-day MA is looking a plausible test tomorrow. The Nasdaq set an unwelcome tone with a break of its 20-day MA. However, the earlier breakout remains valid - if only just. The prior 'sell' triggers for the MACD and On-Balance-Volume expanded. The Russell 2000 is caught between the Nasdaq and S&P. Technical weakness is closer to the Nasdaq, but like the S&P, the 20-day MA is still available as support. The market failed to follow through on a similar sell-off last Wednesday. Tuesday is second time lucky, and this time bears might have more mojo to back their case up. --- 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
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