Economic Data Tops Estimates; Stocks Rally

Economic Data Tops Estimates; Stocks Rally

At this point, the Dow Jones Industrial Average, S&P 500, and the NYSE composite have all traded above resistance (their long term 200 DMA lines and recent chart highs) which leaves the tech-heavy Nasdaq composite and small-cap Russell 2000 slightly below their recent chart highs. However, the fact that all the major averages are still above their respective 2-month downward trendlines bodes well for this five week rally. In order for a new leg higher to begin, all the major averages must close and remain above their respective resistance levels. Remember that the window remains open for for high-ranked stocks to be accumulated when they trigger fresh technical buy signals. Trade accordingly.

Week in Review: Stocks End Flat After Hitting Resistance

Week in Review: Stocks End Flat After Hitting Resistance

Friday, July 30, 2010 Stock Market Commentary: For the week, the major averages ended mixed to slightly lower as investors digested a slew of economic and earnings data. On Friday, volume, an important indicator of institutional sponsorship, was lower than Thursday’s session on both major exchanges. Advancers led decliners by a 22-to-15 ratio on the NYSE and by…

Stocks Negatively Reverse From Resistance

Stocks Negatively Reverse From Resistance

Thursday, July 29, 2010 Stock Market Commentary: The major averages negatively reversed after encountering resistance near their prior chart highs. Volume, an important indicator of institutional sponsorship, was higher than Wednesday’s session which marked a distribution day for the NYSE and the Nasdaq exchange. Advancers led decliners by a 20-to-17 ratio on the NYSE and were about even on…

Stocks End Lower On Lackluster Economic Data

Stocks End Lower On Lackluster Economic Data

It was encouraging to see the major averages continue rallying after breaking above their their respective 2-month downward trendlines and their respective 50-day moving average (DMA) lines. However, the Dow Jones Industrial Average and the NYSE composite have stalled near their prior chart highs which is their next logical area of resistance. At this point, the window remains open for for high ranked stocks to be accumulated when they trigger fresh technical buy signals. If you are interested in learning more, feel free to contact us for a full list of high ranked candidates. Trade accordingly.

FedEx & Healthy Housing Data Lift Stocks

FedEx & Healthy Housing Data Lift Stocks

It was encouraging to see the major averages continue rallying after breaking above their their respective 2-month downward trendlines and their respective 50-day moving average (DMA) lines on Friday. At this point, the window remains open for for high ranked stocks to be accumulated when they trigger fresh technical buy signals. If you are interested in learning more, feel free to contact us for a full list of high ranked candidates. Trade accordingly

Healthy Week On Wall St; Stocks Close Above Resistance!

Healthy Week On Wall St; Stocks Close Above Resistance!

It was a very constructive week on Wall Street as all the major averages traded above their respective two month downward trendlines and their respective 50 DMA lines. It was also encouraging to see the Dow Jones Industrial Average & and the tech-heavy Nasdaq composite close above their longer term downward sloping 200 DMA lines. There is no point in fighting the tape and the bulls deserve the bullish benefit of the doubt until this “breakout” is negated. Trade accordingly.

Stocks Close Above Resistance

Stocks Close Above Resistance

All the major averages traded above their respective two month downward trendlines and their 50 DMA lines on Thursday. However, it is a bit disconcerting to see volume recede as the market moves higher. This is the exact opposite of what one would like to see when the major averages rally. It is also important to note that the major averages are rallying up to an area where they encountered resistance several times in recent weeks and they are still below their longer term 200 DMA lines. That said, we can not argue with the tape and the bulls deserve the bullish benefit of the doubt until this “breakout” is negated. Trade accordingly.

Stocks Fail At Resistance- Again

Stocks Fail At Resistance- Again

Since the current rally began on July 1, the major averages have rallied on suspiciously light volume, leadership has been very light and resistance has held firm- all unhealthy signs. This ominous action suggests another pullback may be in the cards. That said, patience and caution are of the utmost importance until the major averages close above resistance. Trade accordingly.

Stocks Higher On A Slew of Earnings Data

Stocks Higher On A Slew of Earnings Data

Since the current rally began on July 1, the major averages have rallied on suspiciously light volume, leadership has been very light and resistance has held firm- all unhealthy signs. This ominous action suggests another pullback may be in the cards. That said, patience and caution are of the utmost importance until the major averages close above resistance. Trade accordingly.