The Stock Market Week - 7/24/2009 |
It was an up week for the major markets. The Standard & Poor's 500 Index reached 979.8, the highest level since November 5th 2008. For the week the Dow Jones Industrial Average gained 349.30 points or 3.99%. The Standard & Poor's 500 Index gained 38.88 points or 4.13%, while the Nasdaq Composite gained 79.35 points or 4.21%.
|
The Materials sector was the strongest sector (8.04%) last week followed by the Energy sector (5.66%). The Financial sector was the worst performing sector (2.31%) of the week followed by the Consumer Staples sector (2.51%).
|
The Basic Materials sector is the most overvalued sector followed by Technology, while Security Software & Svcs, Personal Computers, and Diversified Computer Sys are among the most overvalued industries. The Services sector is the most oversold sector followed by Healthcare, while Food Wholesale, Drugs Wholesale, and Electronics Stores are among the most oversold industries.
|
|
| Weekly S&P 500 Winners |
|
| Gains/Loses(%) | Symbol | Company | Sector | | 10.23% | RSH | RadioShack Corp. | Consumer Discretionary | | 10.11% | BDK | Black & Decker Corp. | Consumer Discretionary | | 9.72% | PLD | ProLogis | Financials | |
|
| Weekly S&P 500 Loosers |
|
| Gains/Loses(%) | Symbol | Company | Sector | | -8.26% | MSFT | Microsoft Corp. | Information Technology | | -6.79% | BRCM | Broadcom Corporation | Information Technology | | -5.50% | FII | Federated Investors Inc. | Financials | |
|
| Weekly S&P 500 Alerts |
|
| |
| |
Standard & Poor's 500 Index Trend Analysis
In our previous publication on June 7th we wrote: |
|
| 132 out of S&P 500 members have an Uptrend Support alert. If support holds and price does not breakdown the neckline, the uptrend may resume and we may see S&P above the 1000 mark pretty soon. | |
|
|
The Standard & Poor's 500 Index gained more than 12.7% since July 8th, and almost 47% since March 6th, reaching 979.8 on Friday, the highest level since November 5th, 2008. Daily Lane's Stochastic, Williams' % Range and Relative Strength Index are overbought/strongly overbought for all three major US indices. Weekly Williams' % Range is strongly overbought, signaling that market is moving too fast in a weekly time frame as well; and the rally may not be sustainable for a long period. 109 out of S&P 500 members are overbought, 51 stocks have daily MACD bearish divergence, indicating that the rally is already slowing down. The next resistance level for S&P 500 index is around 993. Considering overbought technical indicators, it would be difficult to break this resistance level; and chances are high that the stock market trend may reverse soon.
|
|
| Standard & Poor's 500 |  |
|
|
| Presented by www.thegreedytrader.com Research Group. |
|
