TraderWise

Another week - another support hold. Certainly the rate of ascent the various markets are running is slowing, but not enough to crack the trend - yet. The S&P is very close to a MACD 'sell' trigger.

The Nasdaq has got the most interesting set-up; nestled against resistance with a sub-zero MACD about to give a new 'buy' signal - one to watch next week.

Although it has been a couple of weeks since the last weekly commentary there has been very little change in the state of play.

For the S&P, overbought stochastics are about to meet a MACD trigger 'sell'. A similar event in early 2007 did not bring an immediate top but selling then marked a reasonable exit given the events which followed.

More of the same from last week; a downward market supported by rising long term stochastics. Volume climbed to register a distribution week; the second such week since the last accumulation week (S&P is a good example). Market Breadth indicators all showing confirmed 'Sell' signals.

The Nasdaq shows the sharp advance in long term stochastics as the index toys with weekly support around 1,759.

Another week of point gains, but supporting technicals continue their downward descent. The S&P is very close to a MACD trigger 'sell' with Fibonacci retracements still in play; however, a break of 1,107 would favour a push perhaps as far as 1,222.

The Nasdaq is fighting resistance which marked support in early 2008. Its MACD 'sell' is already in play.

It finished as a bad week for gold and silver but indices held on to finish with gains. The S&P closed higher but is close to rising reaction low support with a MACD trigger 'sell' very close to occurring:

The Nasdaq barely closed the week higher but it is working a recovery in its MACD.

After the past couple weeks of gains last week was the first down week for the counter rally. Technically, the confirmed 'sells' from early February haven't reversed so bears hold the edge as far as the weekly picture is the concerned. In the S&P there was a confirmed distribution week

It was the same story for the Nasdaq

Modest losses on the week for the indices weren't enough to prevent a bullish cross of long term momentum (stochastics [39,1]) for the Nasdaq and Nasdaq 100.

On the other side of the fence, market breadth had taken a marked turn to the downside. MACD trigger 'sells' for the Percentage of Nasdaq and S&P stocks above the 50-day MA. The rally is currently been supported by fewer and fewer stocks above their 50-day MAs.

Tech recovered a large portion of yesterday's losses but the break of rising support remained. There was a further weakness in technicals with a MACD trigger 'sell' in the Nasdaq 100.

Large caps were little changed as the Dow flashed a MACD 'sell' of its own.

Break of rising support for the S&P dating back to March 2009 but volume was not excessive given the significance of the break. A MACD trigger 'sell' accompanied S&P's weakness.

The Nasdaq also lost long term support but volume was light. A MACD trigger 'sell' accompanied its support line break