The Stock Market Week - 4/11/2008 | ||
| All the major US indices were negative. For the week the Dow Jones Industrial Average dropped 284.00 points, or 2.25%. The Standard Poor's 500 Index dropped 37.57 points, or 2.74%, while the Nasdaq Composite dropped 80.74 points, or 3.41%. The Utilities sector was the strongest sector last week followed by the Energy sector. The Industrial sector was the worst performing sector of the week followed by the Financial sector. The Basic Materials is the most overvalued sector followed by Conglomerates sector, while the Independent Oil & Gas, Oil & Gas Drilling/Explor and Copper are among the most overvalued industries. For the second week in a row Utilities is the most oversold sector followed by the Healthcare sector, while the Dairy Products, Cigarettes and Publishing - Periodicals are among the most oversold industries. | ||
Nasdaq Trend Analysis | ||
| QQQQ Long-term technical analysis: The QQQQ is in the first long-term wave down that started on October 31 2007. Weekly technical indicators are neutral. The price is near the long-term support trend line. | ||
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| QQQQ Short-term technical analysis: In our previous newsletter we have mentioned that the QQQQ had the Downtrend resistance alert. We suggested that it was a warning for a short-term rally weakening and the trend reversal may appear soon. The QQQQ turned down on April 7th. Last week the QQQQ lost 3.45%. Daily technical indicators are neutral. After the previous rally that broke the mid-term falling channel, the QQQQ is retesting the former trend line around 43.5 - 44. It has become an important support level. | ||
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| Presented by www.thegreedytrader.com Research Group. | ||
Sunday, April 13, 2008
QQQQ is retesting an important support level around 43.5 - 44
