The major market averages finished mixed yesterday on mixed volume. With the averages having bounced sharply they are now testing resistance with the NASDAQ churning on heavier volume near its prior January highs while the S&P 500, which reclaimed its 50-day moving average on Tuesday, is trading just under resistance along its January lows. The market is at an area where the rally over the past week will be tested, and with futures down this morning this is not a surprise. How the market is able to weather a pullback this morning will provide one clue as to whether the current rally can develop into something more significant. Markets across the globe were down overnight and this morning at the time of this writing, adding to the day's weak opening tone.
Synaptics (SYNA) had a pocket pivot yesterday. Group rank is 19, prior earnings period was positive until the weight of the market pulled SYNA lower, but the stock managed to bounce off of its 50-day moving average last week before flashing a pocket pivot along its 10-day moving average yesterday.
We have reported on several bottom-fishing pocket pivots in gold in recent weeks, and the yellow metal is pushing towards its 200-day moving average, now in the 1311 price area, as it continues to make a valiant attempt at a bottom and turn back to the upside.
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