Daily Market Commentary: Late Selling
From Fallond Stock Picks
January 30, 2013 - 6:00pm
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 se...
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