The Stock Market Week - 7/18/2008 | ||
| It was a mixed week for the major markets. For the week the Dow Jones Industrial Average gave back 74.42 points, or 0.63%. The Standard Poor's 500 Index climbed 1.89 points, or 0.15%, while the Nasdaq Composite gained 38.42 points, or 1.59%. The Consumer Discretionary sector was the strongest sector last week followed by the Materials sector. The Financial sector was the worst performing sector of the week followed by the Utilities sector. | ||
| Dow Jones Industrial Average Trend Analysis Dow Jones Industrial Average long-term chart has formed a head and shoulders pattern. On July 11, when the Dow Jones was at 10,908.64, we suggested that price might retest the neckline before continuing the long-term downtrend. Last Monday the Dow Jones reached 11,933.55 level. | ||
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| Both weekly and daily technical indicators are reset to natural. The short-term rally is still in progress. The Dow Jones Industrial Average closed on Friday at 11,659.90 - approximately 200 points above the short-term uptrend support level. The Fibonacci 50% retracement level is near 11954. | ||
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| Standard Poor's 500 Index Trend Analysis Standard Poor#39;s 500 Index is in a long-term down trend that started on 10/11/2007 at 1576.09. The chart is forming a falling channel pattern. The support line is around 1190, and the resistance line is near 1365. The Fibonacci 50% retracement level is near 1320. The third wave started on 5/19/2008. The short-term rally, that we had anticipated, is in process now. 70 out of 500 S&P members have the downtrend resistance alert. The downtrend may resume soon. | ||
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| Nasdaq Composite Index Trend Analysis The Nasdaq Composite index is in a long-term uptrend since 2002. The price is forming a triangle chart pattern. A triangle pattern usually represents an area of indecision, where the direction of the movement is questioned. In a mature trend a triangle chart pattern usually appears as a reversal formation. Daily technical indicators are overbought. | ||
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| Presented by www.thegreedytrader.com Research Group. | ||
Sunday, August 17, 2008
Nasdaq is forming a triangle chart pattern
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