Market Commentary: Stall at Key Moving Averages

It wasn't surprising to see buyers step in at key 20-day and 50-day moving averages. Although light volume reflected a truer lack of buyer enthusiasm.

The S&P finished on an indecisive doji, backed by a MACD 'sell' trigger.

($SPX)

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The Nasdaq rebounded a little, having ducked below its 50-day MA yesterday it was able to close above it today.

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While the Russell 2000 dipped down to its 50-day MA at the low of the day before recovering by the close

($RUT)

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While the Dow also pegged its 20-day MA with a doji and MACD 'sell' trigger of its own.

($INDU)

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The presence of the 20-day and 50-day MAs offered buyers an opening which they kind-of half took, based on the doji candlesticks displayed across the different market charts. However, the indecision doesn't appear to be enough to halt the momentum of bears. Bulls will likely have another crack at it in the morning, but if momentum fails after the first hour then a lower close is the more likely outcome.