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User id: Member email. Password: goldJune 30th: Oil's new highs tempered what looked to have been an ideal 'morning star' set-up for the markets. By late morning the markets were on course for a strong finish but rising oil prices tempered the gains. This battle stretched into the relative strength of the markets. Large caps (Dow and S&P) regained their role as market leader (hard though it may sound); a double whammy because of the weakness in the Dow. Look for Dow weakness to spread into other markets.

The NASDAQ perhaps had the worst of the day as Friday's doji wasn't enough to provide support for the rally. The weak close has the makings of a gap down for tomorrow which will likely result in a test of April lows. The same set-up is in play for the NASDAQ 100. The semiconductor index had the best of it with a second doji; although both occurred away from logical price support with only the 62% retracement of the March-May rally to look too. The Russell 2000 also struggled to gain benefit from Friday's doji; the new 2-month low negated the doji as a support area.

The positives for the market include the nearby presence of April lows for the NASDAQ and NASDAQ 100. The Dow finished on a doji, something it couldn't manage on Friday. The S&P had an interesting inside day 'spinning top' - this could be very bullish as it coils tension in preparation for a sharp move. The Russell 2000 and semiconductor index both have the 62% Fibonacci retracement to look too.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] do not suggest a low is in place yet, so contrarian sentiment for a rally may still be a little soon. Because of the significance of January lows as a bottom I don't think any new low will move too far from this level; I would look for any new low in the 10-15% range from January lows. Watch the Dow closely - it's calling all the shots.

Target hit: None

Stop hit: DV didn't make it off the ground with a huge loss midday. The stock registered as a 5% loss. CASY reversed hard off its 200-day MA and down into its stop. The June 23rd Subscriber pick closed for a 7% loss.

User id: Member email. Password: goldJune 28th: Some huge volume (especially for a summer month) in the NASDAQ and to a lesser degree in the Dow and S&P suggest a capitulation with a significant bottom in place, or close to completing. For the NASDAQ the doji expressed indecision on part of bulls and bears - which given the declines will come as a relief for bulls. However, the morning gap down does give an edge to bears, but NASDAQ action was favorable for those seeking a bottom. Interestingly, there wasn't the same surge in the NASDAQ 100, although volume did climb to register an accumulation day. The NASDAQ 100 was able to find support at the second of two April breakout gaps. The NASDAQ finished in a no-mans land between support and resistance. The semiconductor index finished on a doji, but not near any logical support level. The Dow didn't benefit from a balanced doji, neither did the S&P although the latter closed at support of January-March real-body lows. The Russell 2000, much like tech averages, finished on a doji with April lows providing the support.

Technically, there was very little to inspire bulls. Bear strength increased across the board which for the Dow was very bearish with an ADX at 37. Stochastics were oversold heading into the last couple of days selling and there was no change there. Unfortunately, there was little in the way of bullish divergences to suggest an intermediate bottom was in development (but price action always takes precedence over technical action).

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] all fell, but none reached oversold levels typical of a bear market (which is confirmed given the position breadth indicators turned when the NASDAQ was testing its 200-day MA). Because of this I hold to my bearish call for the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook) - but I am on bottom watch.

Target hit: None

Stop hit: AP cut through its 50-day MA to hit its stop for a 9% loss. FORR hit its raised stop. The May 21st Subscriber pick closed for a 18% gain, while the later June play closed for a 5% loss. TFSL hit its stop after a failed challenge of resistance caused the stock to drift downwards. The April 28th pick closed for a 4% loss.

User id: Member email. Password: goldJune 26th: If it wasn't for the timid response from volatility it would have been a true capitulation. Volume soared to mark a firm distribution day. Large caps (Dow and S&P) were hit hardest; the Dow crashed to new lows for the year while the S&P clung on to 2008 lows. The damage done to the Dow was one of the worst in many a year, shedding 3% as it broke numerous support levels. The next logical support level for the index is 2006 summer lows at 10,683. The S&P hasn't the same concerns - although it is unlikely to hold January-March support. S&P 2006 summer lows are only a short step away at 1,219. The NASDAQ gave up gap support from April, leaving April lows at 2,266 next on the list. The NASDAQ 100 has two April gaps and April lows to lean on, but given the damage in the semiconductor index it is hard to see how it will survive.

In a cruel twist of fate, lesser damage in the Russell 2000 reversed relative strength back in favor of small caps - leaving the indices in their most bullish alignment {Small caps > Tech > Large caps}. This may benefit the market over the coming days.

Thursday's sell off only added to the prior oversold condition of the market. Unfortunately, any bounce now will have to contend with far more supply above.

Target hit: None

Stop hit: AEHR, the June 4th Subscriber pick closed for a 7% loss. DRBN was another pick from May 30th; it crashed through its 50-day MA and into its stop for a 12% loss. DTSI nicked its raised stop from June 20th to close for a 9% loss. The earlier May 14th play closed flat.

User id: Member email. Password: goldJune 25th: A disappointing turn from bulls after respectable gains was eroded into the close. There is still room for another couple of days worth of gains given technicals remained in oversold territory for all indices. The 20-day MAs look like they will be the stumbling block for any advance; short term traders can look to the 20-day MA as an upside target for any long trade entered on the Fed news release. Individually, there was little to add from the indices. The NASDAQ 100 is interesting for the 200-, 50-, and 20-day MAs convergence around 1,962; tomorrow could see a test of this significant supply level. The NASDAQ and Russell 2000 are on course to a see similar convergence of these key moving averages, but this is a few weeks away. The Russell 2000 struggled to mount a challenge on former rising support (now resistance) from the March lows, ending the day below the support line. Large caps (Dow and S&P) were dull and surprisingly weak.

I don't expect Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] to suggest anything but further downward action is likely.

Target hit: None

Stop hit: ALOG clipped its stop after the breakout failed. The June 6th Subscriber pick closed for a 9% loss. KDN broke below its 50-day MA, hitting the stop from the May breakout. The April 28th play closed for a 10% gain, the later May 16th pick for a 5% loss.

User id: Member email. Password: goldJune 24th: A second distribution day out of three, although the level of selling was not as great as it was on Friday (options expiration also contributed to Friday's volume). The NASDAQ reached its gap support from April so if there was a chance for a bounce now is as good as any, although Tuesday's closing doji implies indecision. NASDAQ technicals are weak, but long term [39,1] and intermediate term [14,3] stochastics are oversold - a tick in the bull column. The NASDAQ 100 also finished on a doji but nearest support is still some 50 points away. This position is conflicting; it's the strongest of the indices, but it's also furthest away from support. The Dow undercut March lows but managed to regain some of the losses by the close. Bear strength is stronger than it was in March, so a challenge on January's lows is still a possibility; indeed the relative position of all supporting technicals is lower than it was in March. The Russell 2000 broke rising support from March, leaving it with a void of support down to 685 (April lows) with the next major support level not available until January/March lows c650. The S&P is another index struggling to work support. It currently lingers around April reaction lows - a support level. The higher volume doji marks distribution, but also could represent higher demand at support; Wednesday's action will reveal more in this regard.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] had yet to update at time of writing, but the expectation would be for lower values and consequently, lower prices for the NASDAQ too.

Target hit: None

Stop hit: SNG hit its stop but was able to stop at the 20-day MA. The May 19th play closed for a 5% gain, the later June 13th pick for a 6% loss. PSEM got stunned with a big loss as the 50-day MA was smashed. The May 20th Subscriber pick closed for a 10% loss. RPRX dropped sharply to its 200-day MA, cutting through its stop in the process. The June 3rd play closed for a 10% loss.

User id: Member email. Password: goldJune 23rd: Minor losses on light volume maintained the bearish form from Friday. The NASDAQ took another step towards testing the second of two breakout gaps from mid-April, but it still looks like it will head lower towards April, if not March lows. The Dow and S&P took a breather and their respective small doji set up potential (and bullish) harami crosses. Short term buyers of large caps (Dow and S&P) may find some joy on a break of today's highs with targets of the 20-day MAs. The Russell 2000 finished only a couple of points away from rising trendline support from March; beyond that there is only April - then March lows to look for support. The semiconductor index made a new reaction low as a former support level at 380 gave way with relative ease.

Minor attempts at improving the technical picture for the likes of the Russell 2000 (its CCI) or NASDAQ 100 (on-balance-volume) failed; leaving the entire supporting technical picture of the indices bearish. Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] all finished lower.

Short term bottom is likely very near (if not here) for large caps (Dow and S&P). There is a bit more risk to the other indices given the relative decline from these indices hasn't been so great.

Target hit: None

Stop hit: MEOH hit its stop for an 8% loss after failing to hold its breakout.

User id: Member email. Password: goldJune 21st: Bulls jabs were countered by a Bearish right hook. Large caps (Dow and S&P) took it hardest on the chin. The S&P with limited support to look too gave up easy losses, but the Dow crashed through Jan-Mar support on huge volume, bringing Jan-Mar lows into play and setting up similar moves for the other indices. Bear trend strength sharply increased for the first time since January. The tech averages (NASDAQ and NASDAQ 100) were working from higher up the scale. The NASDAQ 100 suffered the biggest reversal as it went from breaking the 200-day MA on Thursday to undercutting both 200-day MA and 50-day MA on Friday. The NASDAQ had only to contend with the 50-day MA, but it lost out too. Weakness in the semiconductor index projected on to the NASDAQ and NASDAQ 100; the failure of the former index to close above its 50-day MA on Thursday coming back to haunt all three indices. The Russell 2000 was able to rustle a close on its 50-day MA, but for how long can it hold in the face of broader market selling?

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] were not surprisingly all down as supporting technical weakness expanded. Because of the broad market weakness I have held with a bearish call for the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook).

Target hit: None

Stop hit: CACH drifted into its stop. The June 6th Subscriber pick closed for a 14% loss. MVL was another to ease back into its raised stop. The earlier May 5th play closed for a 10% gain, the latter June pick for a 5% loss. QCOM also hit its most recent stop from yesterday. The 1-day play registers as a 5% loss. The earlier picks for a March and May closed for a 19% and 8% gains respectively.

User id: Member email. Password: goldJune 19th: Bulls trumped Wednesday with a true accumulation day. Tech (NASDAQ and NASDAQ 100) led the charge, although the semiconductor index failed to close above its 50-day MA. There were no such concerns for the NASDAQ and NASDAQ 100 and indeed all three of the tech indices finished with strong bullish engulfing patterns. Watch for upcoming MACD trigger 'buy's in these indices. The NASDAQ 100 posted a close above the 200-day and 50-day MA, finishing on its 20-day MA.

Large caps (Dow and S&P) did catch a bid with the Dow building some solid accumulation at January-March support. The Russell 2000 worked off its 50-day MA but didn't post enough gains to challenge its 200-day MA. The S&P may be attempting a bounce on what I had considered to be weak April support.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] recovered a little, but these need more than a simple bandage to repair - particularly supporting technicals.

Target hit: None

Stop hit: ICAD hit its stop after early promise faded away. The April plays closed for a 9% loss and a 2% gain. HBI took a big hit to crack through its stop. The April 15th play closed for a 6% loss.

User id: Member email. Password: goldJune 18th: Heavier bearish action on increased volume. The NASDAQ posted a clear distribution day, while the NASDAQ 100 had a slightly higher volume down day. Also taking it on the chin was the Dow and S&P. In terms of support the NASDAQ broke through its 50-day MA while the NASDAQ 100 finished on its 50-day MA. The Dow is the most interesting as it stopped right on January-March rising support and looks the best positioned to bounce. The S&P is stuck in a limbo with April-May lows the nearest support level - but like the Dow - is probably looking to a move down to January-March lows at 1,272. Small caps (Russell 2000) tightened their action between the 50-day and 200-day MAs, with the 50-day MA saving the index from a breakdown. On the bad news front, the semiconductor index fell away from its 50-day MA to suggest tech averages (NASDAQ and NASDAQ 100) will similarly fall away.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] fell to the extent the Percentage of stocks above the 50-day MA ($NAA50R) dropped (once more) below its 5-day EMA.

Watch for continued tech weakness, but large caps may be in a position to catch a bid

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 17th: Slight bearish turn, but volume remained low which will be a relief to bulls who have watched the last few days of low volume gains. There were minor violations with the NASDAQ and NASDAQ 100 close below their respective 20-day MAs. The semiconductor index touched the 50-day MA as it reversed Monday's modest gains. The Russell 2000 brushed against the 200-day MA without mounting a significant challenge of the moving average. Large caps (Dow and S&P) closed lower but there is neither support nor resistance nearby to influence things.

The battle between bulls and bears continues, but the last few days have given no one the edge.

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 16th: Further gains on low volume, but the gains were confined primarily to tech (NASDAQ and NASDAQ 100) and small caps (Russell 2000). The NASDAQ 100 pushed above the 200-day MA, the NASDAQ finished on the 20-day MA, while the Russell 2000 remained pegged by the 200-day MA. Large caps (Dow and S&P) were left to drift, posting minor losses. The semiconductor index pushed above the 50-day MA, but stalled at the 20-day MA. Technicals weren't much changed; on-balance-volume for the NASDAQ whipsawed bullish, while long term stochastics [39,1] and the bullish directional indicator [+DI > -DI] turned bullish for the Russell 2000.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] recovered a little, but only the Percentage of Nasdaq stocks above the 50-day MA ($NAA50R) trades above its 5-day EMA.

The poor volume leaves some skepticism as to the nature of the rally, but technicals have room to maneuver to overbought conditions - suggesting the upside may last a little longer.

Target hit: None

Stop hit: UL drifted into its stop to close the January 25th Subscriber pick for a 9% loss.

User id: Member email. Password: goldJune 14th: Sizable gains in all markets, but volume was a little lacking given those gains. The best news was the regaining of some key moving averages; the NASDAQ 100 closed above both its 50-day and 200-day MAs; the Russell 2000 edged over its 50-day MA, but the 200-day MA lingers overhead to pressure buyers; the NASDAQ made it over its 50-day MA; and the semiconductor index closed on its 50-day MA. However, large caps (Dow and S&P) were left lingering in a no-mans land. Supporting technicals for each of the indices finished the week net bearish. The lack of volume suggests Friday was nothing more than a relief rally, mixed with some profit taking by shorts. But buyers did enough to challenge and break key moving averages - and this can't be easily brushed off.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] were mixed with losses for the Bullish Percents ($BPCOMPQ) and Summation Index ($NASI), but sufficient gains to take the Percentage of Nasdaq stocks above the 50-day MA ($NAA50R) over its 5-day EMA.

For the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook) I hold a bearish outlook.

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 12th: Wednesday saw weakness in the indices, whereas Thursday was all about weakness in supporting technicals. There was a net bearish shift of technicals for the NASDAQ, NASDAQ 100 and semiconductor index. Early attempts of a rally during the day for the semiconductor index, Russell 2000 and NASDAQ 100 were pegged by resistance at 50-day MAs. Large caps (Dow and S&P) didn't swing one way or the other and the best which could be said for them is that stochastics are oversold.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] maintained their weak form to keep them in neutral territory.

There is perhaps enough in the market to warrant a 1-2 week bounce, but long term buyers would need to consider the pressure of overhead moving average resistance if thinking of going long.

Target hit: None

Stop hit: PCX was a short play for June 9th but hit its stop for a 6% loss.

User id: Member email. Password: goldJune 11th: No doubts who took Wednesday's honors as 50-day MA support was blown away for the NASDAQ, semiconductor index and Russell 2000. In addition, the NASDAQ 100 dropped below its 50-day and 200-day MAs. Large caps (Dow and S&P) were already in such trouble that the day's losses did little more than push them closer to March lows and therefore support. If there was a silver lining it would be the Dow is close to some support (namely rising lows from January-March) and is only a few points from completing the measured move down to 12,055.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] accelerated their losses down, but there is little nearby support to aim for. This means the downside is not done and it will be back on oversold watch for the breadth indicators/market internals.

Target hit: None

Stop hit: RNST took another big hit to knock out its stop for a 13% loss.

User id: Member email. Password: goldJune 10th: Another lackluster day, although there was a worrying increase in semiconductor index weakness. The weakness in the semiconductor index did not spread to the tech indices (NASDAQ and NASDAQ 100) today, but it will be lingering in the background if the rate of decline increases. Volume was lighter, the third such day in a row. The 50-day MA retained its support in the NASDAQ and the 200-day MA for the NASDAQ 100; even the semiconductor index halted at its 50-day MA. Large caps (Dow and S&P) finished very disappointingly - the last two days have the look of a stalling pattern before another drop lower.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] are all bearish with each running below their 5-day EMAs. Supporting technicals for these breadth indicators continue to weaken - more so than the breadth indicators themselves. Downside remains favored.

Target hit: None

Stop hit: EWN hit its stop after trading sideways for the past 2 months, it closed for a 4% loss.

User id: Member email. Password: goldJune 9th: Monday was a mixed day when the tech indices (NASDAQ and NASDAQ 100) and small caps (Russell 2000) caught up with large cap weakness, while large caps (Dow and S&P) recovered some of their lost ground from Friday. Volume was lighter - so no distribution or accumulation day was registered. The 50-day MA held as support in the NASDAQ and the 200-day MA for the NASDAQ 100; the 50-day MA was also nearby to lend a hand for the NASDAQ 100 too.

There was additional technical weakness for some of the indices. Bear trend strength [-DI > +DI] jumped bullish strength for the NASDAQ. The bullish divergence in the MACD trigger line for the NASDAQ 100 broke after 4 months of gains. There was a MACD trigger 'sell' for the Russell 2000, but this has flat-lined for much of the past two months. Of Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] there was a MACD trigger 'sell' in the Summation Index ($NASI), leaving the Bullish Percents the only breadth indicator untouched by bear hands.

Monday may only be short term relief for a larger move back to January - March lows.

Target hit: None

Stop hit: MPWR ran into its stop on its second day. The play closed for a 11% loss.

User id: Member email. Password: goldJune 7th: Traditional leadership from small caps (Russell 2000) and tech (NASDAQ and NASDAQ 100) weren't enough to protect the markets from weakness in large caps (Dow and S&P). This weakness didn't just creep into the markets, but instead hammered them lower. If there was a positive it was the relatively light volume in tech averages (NASDAQ and NASDAQ 100) - which may reflect denial on the part of bulls, or may suggest better times lie ahead for these indices (and small caps). The semiconductor index had troubles of its own - going from a bullish break of the 200-day MA to a counter (bearish) break of 200-day and 20-day MAs. Next step is the 50-day MA. There was no denying the huge distribution day in the Dow and the S&P fared little better. Technicals for the S&P followed that of the Dow and are all bearish. The loss of the 50-day MA for the S&P means there is a large void down to 1,272 support. Technicals of other indices which were weak, stayed weak - but those which were bullish were only mildly affected by the heavy selling.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] were surprisingly healthy. There was the reversal of the new high breakout for the Percentage of Stocks above the 50-day MA ($NAA50R) which resulted in a bull trap. But there were only modest losses for the Summation Index ($NASI) and Bullish Percents ($BPCOMPQ). Given Friday's selling I am sticking with the bearish call for the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook).

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 5th: Bulls came to the fore in the Russell 2000 and NASDAQ 100 in what was a strong day for tech and small caps. Large caps (Dow and S&P) also enjoyed big gains, but the larger picture of resistance remains, especially for the Dow which has converged 20-day and 50-day MAs overhead. Of the strong performers the Russell 2000 sliced through its 200-day MA as it reversed bearish triggers in the MACD and CCI. The NASDAQ 100 made a higher volume breakout, enough to re-adjust support in the MACD trigger line. It won't be long for the 50-day MA is moving above the 200-day MA in a new 'Golden Cross'. Also helping was the minor push above the 200-day MA for the semiconductor index, an index which has played a large part in the 2008 rally. The NASDAQ also cracked above its 200-day MA following upward pressure in rising support from March lows (see TraderMike).

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] all gained, negating what eventually proved to be flimsy bearish crossovers of 5-day EMAs. This has us looking up instead of down, suggesting another month or so of NASDAQ gains before a sideways pattern evolves.

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 4th: A weak close for large caps (Dow and S&P) undid some solid work by bulls in the NASDAQ and NASDAQ 100 to dampen recent bearish strength. Volume was respectable, but not enough to register accumulation days for tech, but was enough for a distribution day in the Dow. The 200-day MA remains the challenge for the NASDAQ and the other strong performer on the day, the Russell 2000. The NASDAQ 100 finished well placed to challenge May highs, but supporting technicals have work to do to support such a challenge - watch for new a high in on-balance-volume first. The semiconductor index is tightly wedged between 200-day MA and 20-day MA; whichever way this breaks will dictate terms to the NASDAQ and NASDAQ 100.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] added to the weakness with a bearish cross of the 5-day EMA for the Summation Index ($NASI), although the chances of a whipsaw signal are relatively high. Not so likely is an early reversal of bearish technicals supporting the $NASI. The Bullish Percents ($BPCOMPQ) held their weak bullish signal.

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 3rd: More bearish action as volume climbed to register a distribution day. The Dow took the brunt of it as it undercut May lows on higher volume. Since the start of May the Dow has racked up eight distribution days to two accumulation days. Look for the S&P to do the same, even though 1,375 support held, but not enough to hold the 50-day MA. The NASDAQ and NASDAQ 100 lingered at 20-day MA support, but neither will survive another day of selling. There was breakdown of the MACD bullish divergence for the NASDAQ 100, following a similar one in the Dow mid-May and a more recent one in the S&P. The Russell 2000 was little changed. Interestingly enough, relative trend strength adopted its most bullish relationship with small caps leading {Small caps > Tech > Large caps}.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] saw a fresh 'sell' trigger in the Percentage of Stocks Above the 50-day MA, matching the weekly signal of this indicator. Other breadth indicators wavered, but held.

Bears turning the screw; Dow leads.

Target hit: None

Stop hit: LAYN suffered heavy losses on earnings disappointment. The April Subscriber play closed for a 4% gain, but the later Free pick closed for an 8% loss.

User id: Member email. Password: goldJune 2nd: Bears made the early running for the week. Indices which were trading near moving averages, moved off those moving averages; some on heavier volume. The Dow slipped away from its 50-day MA on a registered distribution day. The Russell 2000 dropped back from its 200-day MA as it supporting CCI indicator switched bearish. The NASDAQ drifted from its 200-day MA, but did on light volume - negating some of the bearishness. Also, the nearby presence of the 20-day MA helped in providing some support. The NASDAQ 100 is the only main index to hold above all key moving averages as it touched its fast rising 20-day MA. The semiconductor index made a second failed run at is 200-day MA and is likewise looks dependent on its 20-day MA for support. The S&P failed to crack above its 20-day MA as the slower 50-day MA held firm.

Friday's jobs report will either make or break some of the aforementioned moving averages so look for indices to trade around 20-day MAs (in particular) in the run up to Friday. Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] do have the benefit of bullish conditions - but selling like today's will have them back on bear watch in no time at all. Supporting technicals of these breadth indicators have already sided with the bears.

Target hit: None

Stop hit: None

User id: Member email. Password: goldJune 1st: A relatively quiet Friday to close the week out. There was some respectable volume with the NASDAQ over the 200-day MA, although the doji implied a lack of conviction on the part of buyers and sellers. The NASDAQ 100 looked set to crack to new highs for the March-May rally, but it remained contained by May highs. The best work of tech came from the semiconductor index; it cracked over the 200-day MA and it is positioned to challenge May highs'. Also performing well was the Russell 2000; it made it over the 200-day MA with a new 5-month closing high. The high also came with a weak MACD trigger 'buy', but this was enough to leave all supporting technicals in the green. Large caps (S&P and Dow) struggled at key moving averages - the S&P at the 20-day MA and the Dow at the 50-day MA. The poor performance of the traditionally 'safe' large cap sector may represent a shift to more speculative tech stocks, rather than a broader market weakness.

Nasdaq market internals [$NASI, $NAA50R and $BPCOMPQ] held bullish ground with all three above their 5-day EMAs, but each were only able to make modest gains on the day. I have kept with my bearish call for the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook).

Target hit: None

Stop hit: None

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