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Stock Market Commentary
Jan 12, 2009
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EmailA more substantial loss on percentage terms but a bit of a mixed bag technically. The tech averages escaped the worst of it as the Nasdaq and Nasdaq 100 finished above their 20-day and 50-day MAs; ascending triangle breakouts have failed but rising support of those triangles have not - so it's not all bearish
Large caps weren't so lucky as 20-day/50-day MAs were breached along with rising support. Technicals weakening but not all in the red. Initial project is for a run to early December lows.
Small caps have held their breakout and in the process of making a support backtest along with a test of the 20-day MA.
Normally small caps lead markets; given the Russell 2000 is successfully holding support assume for now that the breaks of support in the large caps are bear traps.
by Declan Fallon (Fallond Stock Picks)
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