TraderWise

The bulls have thrown the form book out of the window with the Nasdaq pushing a new closing high with a fresh MACD 'buy' signal. Volume was down on yesterday but well up on the prior week (with the exception of last week's distribution day)

The Dow did register an accumulation day and is very close to a MACD trigger 'buy'

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

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.

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.

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 two days of quiet trading markets perked up on heavier volume, closing at their highs. There was also some technical improvement with a MACD trigger 'buy' for the Nasdaq - although it continues to underperform against the S&P.

The Nasdaq 100 also enjoyed a MACD trigger 'buy' on accumulation:

Markets continued their advance as they pushed above 20-day MAs and in some cases, 50-day MAs. The Nasdaq broke through its 20-day MA on slightly lower volume than Friday, but with a MACD trigger 'buy' and OBV 'buy' trigger. The 50-day MA is only a few points overhead but with other indices breaking past 50-day MAs the odds favour the Nasdaq doing the same.

It was a week where bulls made the most daily headway, but the weekly picture offers a more bearish slant. Weekly market technicals all fell but momentum indicators still hold enough to stay on the bull side - just. The Nasdaq closed the week with a MACD trigger 'sell' but stochastics are comfortably overbought. The index also held 2,020 support.

With the New Year up and running I have taken a quick look at last week's action and the last of 2009. The key mover and shaker was the resistance break for the Nasdaq. This was supported by a new resistance breakout on a MACD trigger 'buy' and a new upside target of 2,465.

The Nasdaq 100 is on a similar upward charge having long broken comparable Nasdaq resistance; 1,978 is the target here.