Bears Rebuffed

Print This!

Today’s action was narrow, but an early attempt by bears to push a sell off was quickly reversed.

Indices finished near their highs, and are well placed to push higher.

The S&P has had an up-down past few days, but today’s action suggests bulls hold the best cards.  The MACD will likely reverse its ‘sell’ signal soon, returning Technicals to their net bullish state.

SPX Feb6 Bears Rebuffed

The Nasdaq finished slightly lower, but key for it is holding above its 20-day MA (and its early January breakout).  As with the S&P, it’s likely to see a MACD ‘buy’ soon.

COMPQ Feb6c Bears Rebuffed

The Russell 2000 had the best of the day’s action. It finished just a point shy of its recent high, but technicals have the most ground to make up. However, the trend remains firmly in bulls favour, with the 20-day MA available for support/trailed stops.

RUTX Feb6b Bears Rebuffed

Finally, the semiconductor index did finish at a new closing high. And it reversed its MACD trigger ‘sell’.  This is good news for the Nasdaq and Nasdaq 100.

SOX Feb6b Bears Rebuffed

Can Thursday deliver a resumption of the upward trend? Odds appear in bulls favour.

dr. declan fallon fallond stock picks Bears RebuffedContributed by Dr. Declan Fallon, Fallond Stock Picks



Be kind & share...Share on Facebook0Tweet about this on Twitter0Share on LinkedIn0Pin on Pinterest0Share on Google+0Digg this

Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.

Go to Wall Street Sector Selector Home or Check our Special Wall Street News Section

Visit Us On TwitterVisit Us On FacebookVisit Us On YoutubeVisit Us On Linkedin
Make sure you create your redirects.txt file and that it's readable by the redirect script.