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January 2nd: New look coming soon. Please head to my blog for the latest market commentary.

User id: Member email. Password: goldDecember 22nd: Monday's losses were percentage significant even if the indices were able to pare back some of its losses. However, volume was very light. There was an increasing level of technical damage with rising support from November breached in a couple of indices in addition to breaches of 20-day MA support. The NASDAQ and NASDAQ 100 did enough to hold rising support and their 20-day MAs. The Dow and S&P each confirmed a break of rising support and lost their respective 20-day MAs. The Russell 2000 tagged 20-day MA support as it stayed close to its 50-day MA and October-December resistance; however, a 'sell' trigger was created in its CCI. The semiconductor index was similarly penned in by channel resistance but its losses didn't break 20-day MA support.

Certainly there is a shift in strength towards small caps and tech (to a lesser degree), but this needs to be revealed in the indices with a stronger push than we are seeing now. Nasdaq breadth indicators [$NASI, $NAA50R and $BPCOMPQ] had not fully updated at time of writing, but the rise in the Summation Index ($NASI) will likely offset by weakness in the Percentage of Stocks above their 50-day MA ($NAA50R) and Bullish Percents ($BPCOMPQ). These are still bullish until proven otherwise.

Target hit: None

Stop hit: VLNC didn't make it out of the gate; it registered as a 15% loss.

User id: Member email. Password: goldDecember 20th: Friday's options expiration masked what was in effect a very quiet day. Although the week saw the indices give up 50-day MAs support, all were able to hold the faster 20-day MA. There was also a firmer shift in relative strength with small caps (Russell 2000) leading tech (NASDAQ and NASDAQ 100) then large caps (Dow and S&P) - the most bullish alignment for markers {Small caps > Tech > Large caps}. The weeks channel breakouts for the NASDAQ and NASDAQ 100 also held.

There was modest technical change with a bearish cross in on-balance-volume (i.e. a shift to distribution) for the Dow as the NASDAQ and NASDAQ 100 swung back in favour of accumulation; a shift from safety to more speculative tech issues? Too early to say given the lack of interest in any stocks.

Nasdaq breadth indicators [$NASI, $NAA50R and $BPCOMPQ] reassumed their ascent, maintaining their bullish form. I hold to my bullish call for the Ticker Sense Blogger Sentiment Poll (30-day S&P outlook).

Target hit: None

Stop hit: PHHM crashed through its stop for a 13% loss.

Declan Fallon

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