Someone finally woke up and realized there's a rally going on. The Investors Intelligence survey of investment advisors showed a big spike in bulls to 56.4% this week, and a big drop in bears to 22.3%, a four-point move in each. Since tops the last few years have typically occurred around the 60-20 area, that's one data point to keep an eye on, in addition to commercial traders shorting the S&P futures. Still, we haven't seen much excess in call buying or TICK readings, so the market shouldn't be in too much trouble just yet. The S&P (first chart below) stalled out just above 1400 today, with 1414-1426 the next big resistance zone above that. First support is 1395, with 1389 and 1382 below that. The Nasdaq (second chart) faces resistance at 2450-2452, and support is 2425-2430, with 2395-2400 below that. The Dow (third chart) has support at 12,200, with 12,130 and 12,100 below that. We should also note the number of -DI readings at or below 10 on those charts, which means no one wants to sell here; that could be a recipe for a pullback. Bond yields (fourth chart) didn't seem to like the Fed's tough talk today, but consumer inflation data in the morning could change that picture.
Stock Market Technicals and Fundamentals Remain Weak :: The Market ::
Stock Market Technicals and Fundamentals Remain Weak :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website
http://www.marketoracle.co.uk/Article4136.htmlHOME |
Yen Rises as Higher Volatility Diminishes Appeal of Carry Trade::
from a 60 percent chance yesterday.``I remain bullish on gold because the dollar the disruption of as little as 7 to 10 million Technical Analysis:
http://www.fxstreet.com/technical/market-view/daily-analysis/2007-08-22.htmlHOME |
Nasdaq Chart, Technical Analysis::
The investment advisory services, as you know, are also wildly bullish. to get too excited, or too worried, as the case may be, about that little rally Wednesday.
http://www.capitalstool.com/nasdaq-archive-7-01.htmHOME |
 Call Me On My Cell; Bill Me There, Too
 Former HP Chairman Dunn Pleads Not Guilty
|
