Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Yes, for vst trading, as shown on the 60m charts, market will consolidate above the intraday breakout on 4/3, which I am expecting, and will continue to retest the SPX 1460 +/-.
The following is my market commentary after the job report this morning.
Enjoy the Holiday
=============================================================
After the Eco # Employment, premarket traded up strong to SPX future 1459 near to 2/22/07 intra high, 1465 +/- which is progressively confirming "Breakout Retest" of LT price channel scenario which I commented since the Mar 05, 2007 bottom. As noted before, the Breakout Retest scenario is a strong technical price action which is normally projecting new highs, by which we can anticipate SPX 1550 with successful continuation of uptrend momentum above SPX future 1465 and SPX cash 1461.57 intraday high on 2/22/07. For the Feb '07 highs were Qs 45.55, for Nasdaq 2531 +/-, and for DOW 12795 +/-.
The Thursday Holiday trading was positive before the today's Eco number. The price actions traded above the resistances as continuation of the intraday breakout above the resistances which I commented 4/3 intraday breakout. "Qs intra high 44.31 was R3 and SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. DOW intra high, 12534.27 is Feb '07 low, but closing above 50ma and making higher high of Mar '07 is progressively positive. NASDAQ didn't trade above Mar '07 high; but, it is trading above 50ma resistance." and a follow-through on 4/4-4/5 price actions above the intraday resistance which I noted as "Progressively Confirming Breakout Retest" Scenario. Therefore, as noted, we now can anticipate SPX 1460 +/- as the next target and SPX 1550 with successful consolidation and a breakout above the Feb '07 high to SPX 1550 +/-. I will be reassessing market strength along the way to SPX 1460 +/- and then to SPX 1550 +/-.
The aforementioned "Breakout Retest" Scenario is consistent view since I called 3/5/07 bottom after I sensed that market was signaling it; and then, market is progressively confirming the view.
Market Commentary: Happy Holiday All
After the Eco # Employment, premarket traded up strong to SPX future 1459 near to 2/22/07 intra high, 1465 +/- which is progressively confirming "Breakout Retest" of LT price channel scenario which I commented since the Mar 05, 2007 bottom. As noted before, the Breakout Retest scenario is a strong technical price action which is normally projecting new highs, by which we can anticipate SPX 1550 with successful continuation of uptrend momentum above SPX future 1465 and SPX cash 1461.57 intraday high on 2/22/07. For the Feb '07 highs were Qs 45.55, for Nasdaq 2531 +/-, and for DOW 12795 +/-.
The Thursday Holiday trading was positive before the today's Eco number. The price actions traded above the resistances as continuation of the intraday breakout above the resistances which I commented 4/3 intraday breakout. "Qs intra high 44.31 was R3 and SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. DOW intra high, 12534.27 is Feb '07 low, but closing above 50ma and making higher high of Mar '07 is progressively positive. NASDAQ didn't trade above Mar '07 high; but, it is trading above 50ma resistance." and a follow-through on 4/4-4/5 price actions above the intraday resistance which I noted as "Progressively Confirming Breakout Retest" Scenario. Therefore, as noted, we now can anticipate SPX 1460 +/- as the next target and SPX 1550 with successful consolidation and a breakout above the Feb '07 high to SPX 1550 +/-. I will be reassessing market strength along the way to SPX 1460 +/- and then to SPX 1550 +/-.
The aforementioned "Breakout Retest" Scenario is consistent view since I called 3/5/07 bottom after I sensed that market was signaling it.
Happy Good Friday, WB ADSK 40 is a major resistance and it is a strong signal breaking above 40 round number and 50ema resistance; however, it is signaling potential breakout above 40 because it traded above down TL and 20dma.
Thanks and ENJOY Holiday
Yes, a huge move today with high volume today. I am thinking that it will consolidate at 50ma before it makes another big move..
Have a nice Holiday, ALL
ADSK formed interesting "W" bottom and at GAP resistance, so trading above 40 is certainly positive.
AKAM formed Sym Triangle ready to break out. Good one to watch out for breakout.
AKS is breaking out.
BEBE breaking above the TL resistance is certainly a good one.
NVDA - the Today's special Star! I am anticipating a consolidation.
SKS formed double top. Breaking above 21.17 would be bullish.
Congrat! NVDA great call. What a pop! Spiked today.
This BEBE will have her day...
Market is positive as shown below. I anticipated a consolidation period, then retest the Feb 07 high in ST.
The morning news is also positive for the market.
http://www.investorshub.com/boards/read_msg.asp?message_id=18494538
NVDA is trading up today, out from the recent trading range at major support.
YHOO is upgraded today. It is trading at 32.20 in premarkt.
I was positive on YHOO as we also heard that market is positive on YHOO during 2007.
EBAY is tapping on triple top formation breakout, so, it is good to watch for a breakout.
AMZN is also retracing to 42.
Internet stocks are positive as we are using more internet connections. Can you imagine all Chinese and India, for example, get on ONLINE and do biz?
Happy Good Friday and Great News
We have Eco number at 8:30am.
We have a very good news this morning from Iran-Sailors release. This development is certainly positive for the market.
http://lfpress.ca/newsstand/News/International/2007/04/05/3924532-sun.html
It is a very good thing that the incident is resolved without a serious conflict.
Oil is trading at support.
I hope that market takes the good news as good news!
Happy Holiday and Good trades
MSFT has a bad news which could be used as to retest the breakout at 28 +/- which we discussed yesterdays.
http://www.marketwatch.com/news/story/eu-force-microsoft-share-windows/story.aspx?guid=%7B8E0987E6-2....
China made a new record high at 3320, continuing the bull market
WB, happy Good Friday
We have a very good news this morning from Iran-Sailors release. This development is certainly positive for the market.
It is a very good thing that the incident is resolved without a serious conflict which we have seen during the mid year!
Oil is trading at support.
I hope that market takes the good news as good news!
Happy Holiday and Good trades to ALL
Good Friday morning AJTJ,
Qs/NDX, SPX, DOW and Nasdaq are also formed "Cup&Handle" formation after forming "W" with double bottom. I commented on "Breakout Retest" scenario since 3/5/07.
Have a great holiday to ALL!
Breadth charts are showing mixed signals with positive D, weak, B/O support, etc.
$NAMO weekly shows the Jan-Feb '07 neg D. is worked off and now it is trending up, showing positive momentum.
However, A/D shows weak 10ma momo due to recent consolidation period, so we need to see better breadth actions.
$NASI weekly is confirming "Breakout Retest" scenario as it is bounced off from the down TL. It is expected to see narrowing breadth at this stage of market cycle. $NASI daily is showing good action above 20ma support.
Thanks and hope that you are enjoying.
Best wishes
GOLD is trending higher to the high, 692.
Could you elaborate on your comment on Gold?
Thanks
btw, sometimes, my posts are getting duplicated when I preview and save or review/modify.
MSFT 28.78 was a strong resistance, very good. Also it was 50ma R. It looks positive and retesting 28.10 +/- intra breakout is a good sign before it trades above today's high. With successful price actions, it is forming Inverse H&S.
When it broke above 28, momentum traders were all over this stocks.
Interesting that chips are down, but citi upgraded MSFT VISTA.
INTC/AMD are cheap. We need to see more use of intelligent, programmable, energy efficient, practical CHIPS to apply to many of our daily lives.
As for markets, we need to see healthy consolidation during the next few trading days.
How are you, ALL? JT?
Sector ETFs
$SOX 7yr TL - 7mo Trading Range & Market Commentary:
Qs 44.38, SPX 1440.16 Intra resistances
DOW 12541.51, and Nasdaq 2461.49 Higher High
With a good news from Iran-Sailors issues and a good earning report by "Best Buy", market traded up in narrow range as noted yesterday that having a consolidation day and a follow-through day is certainly positive for future price advance. A caveat or a mixed message was that ISM service number was weak which could be seen that the Fed could be holding or lowering interest rates. "MSFT" was upgraded by citi, as a result it finished with 2.36%. I noted weak internals, A/D, during the mid day that market would be much weaker if MSFT wasn't upgraded. A/D finished with NYSE 1.14 and Nasdaq 0.83 which is not strong considering "BBY" and "MSFT" upgrade news. We will see narrow market leadership during this advance; therefore, individual stock selection will be more challenging.
Qs 44.38 and SPX 1440, the intra-highs, are the intra resistance which were the top of the recent "W" - "Cup & handle" formations shown on 60m charts. The narrow range consolidation which we have seen today is positive. Note that SPX, Nasdaq, and DOW made intra higher-high above the recent Mar '07 high -- this is a good technical signal.
With "BBY" news, KLAC-TXN-AMAT finished with good gains. If market hears another good news like "BBY", $SOX/SMH will break out to upside from "7mo Trading range".
$SOX-SMH traded in a 7-mo trading range after 3-mo rally when I alerted cyclical reversal in Jul 2006. $SOX and SMH have "7yr down TL" resistance as well as 7-mo trading range resistance; therefore, breaking above the current trading range will be significant. I posted $SOX 4yr cycle chart during Jul 2006 as a part of $SOX reversal call analysis. As shown below on the $SOX monthly chart, it is trading at the 7yr down Trendline.
In Summary: The "Breakout Retest" Scenario market action which I commented is progressively confirmed by the recent price actions. The "Breakout Retest" shown on the weekly charts projects filling the runaway-gaps, retesting the Feb 07 highs, and, technically, making new highs. I will be reassessing market strength at the "Double Top" to project further price advance to new highs.
GROW is a very volatile stock. It traded to 34.95, target 35, and then collapsed. Another volatile stock is "FIG".
~~~
Posted by: __1Best__
In reply to: treat50 who wrote msg# 71
Date: 4/3/2007 9:34:36 PM
Post #
Yes, market looks better today with the breakout to upside.
Breadth is continuing to improve.
Hopefully, we will see follow-through and good consolidation.
Best wishes
~~~
GROW is certainly strong retracing the top at 35 with the current momentum.
EBAY is trading at breakout resistance as alerted earlier. I am expecting a mild profit taking and would watch out for a breakout.
==========================================
Winners with "BBY" news
KLAC 55.33 1.11 2.05%
TXN 30.65 0.58 1.93%
AMAT 18.64 0.29 1.58%
TRINQ - TRIN - VIX - VXN
TRINQ is very low which is often a contrarian indicator for VST.
It is understandable because we are in holiday trading, but need to be cautious for VST. TRIN chart is messed up because of one extreme reading when market sold off on 2/27/07 as many traders were anticipating a sell-off. VIX/VXN is heading lower.
We have light volume day. MSFT is up 2.5% based on upgrade is messing up true market performance; therefore, need to be careful for VST. I don't trust MSFT pump action today.
Based on "BEST BUY" News
TXN 30.61 0.54 1.80%
KLAC 55.01 0.79 1.46%
MRVL(E) 16.82 0.24 1.45%
TER 16.99 0.23 1.37%
NSM 24.37 0.32 1.33%
AMAT 18.58 0.23 1.25%
LLTC 31.95 0.37 1.17%
MXIM(E) 29.45 0.29 0.99%
INTC 19.37 0.06 0.31%
NVLS 32.70 0.08 0.25%
BRCM 32.80 -0.10 -0.30%
XLNX 25.79 -0.13 -0.50%
ALTR 20.08 -0.12 -0.59%
Market Internals
Issues NYSE Nasdaq
Advancing 1,602 1,323
Declining 1,586 1,622
Unchanged 166 132
Total 3,354 3,077
Ratio
Advancers to Decliners 1.01 0.82
Qs 44.38 and SPX 1140 are the resistances which I noted yesterday.
Market consolidation is expected, but what I don't like to see is market is up with "MSFT" upgrade because it would be distorting market health as I noted that A/D was poor even though market was up. Even though the 10dma on A/D is lagging on the A/D chart which I posted on my previous post with MSFT, the A/D intraday was weak. In other words, MSFT faked market being up as if it is heathy.
I'd rather see MSFT selling off to breakout before the upgrade and see market strength since we know about up/down grades often cause misrepresention of true market health. We need to see normal breadth without MSFT Pump by citi upgrade....
Market actions are so far good.
GS, sure, please do when you are ready. Thanks
btw, did you ask citi to upgrade MSFT? (pun)
MSFT upgrade is not a good news on A/D since other markets are sold as we can see that A/D is falling shown on A/D chart.
Market is pumped up with MSFT today which is not a good thing.
The negative breadth trend concerns me.
Good trades
MSFT upgrade by citi. In this case, market is reacting positive to citi upgrade while GOOG upgrade by UBS WAS used as selling.
That was the reason that MSFT is trading up.
Without MSFT, market would be flat.
Market Internals
Issues NYSE Nasdaq
Advancing 1,521 1,262
Declining 1,545 1,598
Unchanged 182 131
Total 3,248 2,991
Ratio
Advancers to Decliners 0.98 0.79
~~~
Posted by: __1Best__
In reply to: None
Date:4/4/2007 11:30:50 AM
Breath: like to see better breadth. MSFT sell off to 28 +/- to see real breadth.
Breath: like to see better breadth. MSFT sell off to 28 +/- to see real breadth.
EBAY is trading near at break-out again.
GOOG is in consolidation phase heading to 513. YHOO is positive, heading to 33.
SMH is showing a follow-up action showing positive 1.16% with TXN, MRVL, NSM and KLAC.
Breadth is still weak even though market turned positive.
Like to see better breadth and MSFT sell off to breakout at 28 +/-; then, we see the true market breadth.
Market Internals
Issues NYSE Nasdaq
Advancing 1,505 1,247
Declining 1,549 1,575
Unchanged 165 137
Total 3,219 2,959
Ratio
Advancers to Decliners 0.97 0.79
Thanks, blasher, OIL is pulling back while Gasoline is trading higher after the 10:30am report.
It seems that it is MSFT show today since most of markets are flat or down in consolidating phase, except that MSFT is showing 1.7% gain today.
CSCO - AAPL are positive while major internet stocks are consolidating showing negative... so far.
CSCO bounced off from near 38%RT support, from Aug'06 bottom, yesterday.
Like to see better breadth, so far it is weak even though I expected a consolidation day.
Good trades
~~~
Market Internals
Issues NYSE Nasdaq
Advancing 1,224 1,148
Declining 1,708 1,538
Unchanged 156 156
Total 3,088 2,842
Ratio
Advancers to Decliners 0.72 0.75
Market Pop, Good news from Iran. It must be Easter Reconciliatory as we must be reconciliatory for peace.
Thank you, JT, you are helpful. Good trades
Eco news this morning. Premarket is relatively calm today.
http://biz.yahoo.com/calendar/
Apr 4 10:00 AM Factory Orders Feb - 1.8% 1.9% -5.6% -
Apr 4 10:00 AM ISM Services Mar - 55.0 54.7 54.3
VOLUMES were relatively good considering that we are in holiday week.
GS, You had some good charts and comments. If you would like to know how to post charts, please let me know.
$KOSPI broke above the resistance 1470 +/- which I noted, trading to 1483.
I was looking for a breakout $KOSPI as well as $SSEC. Certainly China $SSEC ran strong after breaking above 15yr TL resistance at 3050, now, it is trading at 3291.
I am hearing that Nasdaq is planning to offer China 30 index.
Good trades
The relative performance was not, that was JT and I were making points even though during the last few months performance is relatively similar, SOX was underperforming in longer period. Furthermore, we are looking for a break our from the 7-mo trading range.
Sent you an email.
Good trades
~~~
Posted by: __1Best__
In reply to: Jamestown who wrote msg# 73
Date:4/3/2007 9:42:50 PM
Post #of 84
NDX was outperforming SOX for a while as we can see on the ratio charts. The ratio, NDX/Nasdaq is clearly outperforming SOX/Nasdaq during the last several years. Even though TXN and other major SOX components are performing better, INTC-AMD crushing price performances certainly do not help SOX.
I am hearing that overstocked inventory is now worked off, but we are yet to see SOX price advance. Even though the sector is upgraded, the stocks still show negative sentiment.
Good trading and best wishes! Enjoy
China $SSEC is strong as it is continuing to make new highs after breaking out of 15yr TL resistance. This bullish sentiment has indirect effect on US market.
$NIKK is trading up at the moment.
$KOSPI made New High above 1475 resistance to 1479.. new high.
$SOX and SMH
VIX closed at support.
Welcome aboard, Greenstreet, happy to see you and we are looking forward to your market insight. Best wishes...
~~~
Markets traded above intraday down TL resistance from Feb '07 high to Mar 07 high as shown on intraday 60m charts with Triangle formations with "Double Bottom - W". The formation is now showing Cup-Handle breaking above the Jan '07 high resistances.
To reiterate the significance of Technical Aspect of the recent price action is "Breakout Retest" formation which is bullish leading to new highs, retest of previous highs, or lower-highs. Technically, "Breakout Retest" formation is normally making new highs, but I was conservative as to my sentiment on the market to "Retest the Feb '07" high, as possibly making new highs.
I alerted LT "Breakout Retest" support when I called March 5 bottom and "Retest of the Low" with "Double bottom" when I called 3/14 bottom. Since then, Market consistently signaled "Retest of Breakout" scenario.
Qs intra high 44.31 was R3 and SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. DOW intra high, 12534.27 is Feb '07 low, but closing above 50ma and making higher high of Mar '07 is progressively positive. NASDAQ didn't trade above Mar '07 high; but, it is trading above 50ma resistance.
Technically, price actions shown today is positive. We are going into earning seasons, thus I am expecting volatility; however, I believe that market will sustain positive bias even though market may not show frequent robust price actions to upside as we have seen today. Having said that, I made a comment that there is a good possibility that buying pressure could continue if and when resistances are taken out since many are in short-positions and in cash waiting for directional confirmation or for further pull-back. This is the similar scenario which I alerted during Jun-Jul 2006 bottom warning Shorts to cover. However, I am not as bullish as I was during Mid 2006; therefore, I am being conservative even though I still believe that we will see SPX 1550 +/- in 2007.
CONCLUSION: The intraday breakout to upside is another confirmation of market is in "Breakout Retest" price advance. As noted before, Breadth is improving to confirm the scenario. Therefore, "Breakout Retest" scenario is valid which is shown through technical price actions.
NDX was outperforming SOX for a while as we can see on the ratio charts. The ratio, NDX/Nasdaq is clearly outperforming SOX/Nasdaq during the last several years. Even though TXN and other major SOX components are performing better, INTC-AMD crushing price performances certainly do not help SOX.
I am hearing that overstocked inventory is now worked off, but we are yet to see SOX price advance. Even though the sector is upgraded, the stocks still show negative sentiment.
Good trading and best wishes! Enjoy
Yes, market looks better today with the breakout to upside.
Breadth is continuing to improve.
Hopefully, we will see follow-through and good consolidation.
Best wishes
~~~
GROW is certainly strong retracing the top at 35 with the current momentum.
EBAY is trading at breakout resistance as alerted earlier. I am expecting a mild profit taking and would watch out for a breakout.
AAPL is a strong stock and moved positive today; however, it is showing a negative divergence on Daily, so would be careful at this juncture.
Thanks and Welcome aboard.
SPX traded to 1440.57 making new intraday high which is a good sign. SPX 1440 is 1/25/07 resistance. Volumes are light during the afternoon session than I anticipated. Having said that, intraday action looks healthy with positive momentum.
I am positive on the market action and do not think that this is the ST top and "Breakout Retest" scenario which I commented is valid.
~~~
Posted by: __1Best__ Date:4/3/2007 11:08:27 AM
Yes, markets have broken above the intra down TL, e.g. Qs 43.90 +/- and SPX 1430 +/- as shown on the 60m charts. Now, SPX traded to SPX 1439 +/- which is the rally which we have seen before the recent "consolidation period". SPX 1440 is the next resistance.
I noted that market participants are sitting on cash looking for a directional confirmation OR holding on to shorts from the 2/27 sell-off waiting for a further pull back. Therefore, it will likely trigger more buying-pressure when resistances are taken out.
As for possible neg. D, I don't see intraday neg. D, as for daily, I will reassess.
A good news from Iran-Sailors certainly helps market sentiment today. Having said that, market has shown stability regardless geopolitical risk. This sign is certainly a good thing.
USO & Market Good volume and breadth - market price actions are quite positive with relatively good volumes and breadth.
Issues NYSE Nasdaq
Advancing 2,397 1,990
Declining 755 913
Unchanged 138 133
Total 3,290 3,036
Ratio
Advancers to Decliners 3.17 2.18
USO is retrieving with the news today, a bit short of $55 target, but was close enough. OIL/USO are volatile market, thus we need to be nimble and careful.
~~~
EBAY is trading near at Breakout Resistance, 34.40 with triple top formation; breaking above the resistance is a significant move which will push the price higher to 36.50 +/-.
~~~
GOOG,YHOO - internet stocks are showing good gains. As noted in premarket, GOOG is trading above 465 which is a bullish sign.
Also, Ebay is trading up 3% at the moment, AMZN, YHOO, Bidu, etc are showing good price movements.
GOOG & YHOO broke above resistances.
~~~
Posted by: __1Best__
Date:4/3/2007 8:47:14 AM
Oil is trading lower in premarket with a positive development from Iran - sailors issue.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAjOIl86bZik&refer=home
~~~
GOOG is trading at 463.20 in premarket. As noted, breaking above 50dma, 465 +/-, is bullish.
Google Inc. (NASDAQ: GOOG) is planning an entry into television advertising business as it struck a deal with U.S. satellite TV operator EchoStar Communications Corp. (NASDAQ: DISH).
http://www.bloggingstocks.com/2007/04/03/before-the-bell-4-3-07-aapl-goog-dis-siri-pep/
Thanks, WONDER, yes, we won both Titles in 2007 which is the first time in the history. I think that it is the sign on the logo...
http://alt.cimedia.com/palmbeachpost/wallpaper/gators1024.jpg
http://www.trend-signals.com/
Best wishes, my friend!
~~~
GOOG,YHOO - internet stocks are showing good gains. As noted in premarket, GOOG is trading above 465 which is a bullish sign.
Also, Ebay is trading up 3% at the moment, AMZN, YHOO, Bidu, etc are showing good price movements.
GOOG & YHOO broke above resistances.
~~~
Posted by: __1Best__
Date:4/3/2007 8:47:14 AM
Oil is trading lower in premarket with a positive development from Iran - sailors issue.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAjOIl86bZik&refer=home
~~~
GOOG is trading at 463.20 in premarket. As noted, breaking above 50dma, 465 +/-, is bullish.
Google Inc. (NASDAQ: GOOG) is planning an entry into television advertising business as it struck a deal with U.S. satellite TV operator EchoStar Communications Corp. (NASDAQ: DISH).
http://www.bloggingstocks.com/2007/04/03/before-the-bell-4-3-07-aapl-goog-dis-siri-pep/
GOOG,YHOO - internet stocks are showing good gains. As noted in premarket, GOOG is trading above 465 which is a bullish sign.
Also, Ebay is trading up 3% at the moment, AMZN, YHOO, Bidu, etc are showing good price movements.
GOOG & YHOO broke above resistances.
~~~
Posted by: __1Best__
Date:4/3/2007 8:47:14 AM
Oil is trading lower in premarket with a positive development from Iran - sailors issue.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAjOIl86bZik&refer=home
~~~
GOOG is trading at 463.20 in premarket. As noted, breaking above 50dma, 465 +/-, is bullish.
Google Inc. (NASDAQ: GOOG) is planning an entry into television advertising business as it struck a deal with U.S. satellite TV operator EchoStar Communications Corp. (NASDAQ: DISH).
http://www.bloggingstocks.com/2007/04/03/before-the-bell-4-3-07-aapl-goog-dis-siri-pep/
Yes, markets have broken above the intra down TL, e.g. Qs 43.90 +/- and SPX 1430 +/- as shown on the 60m charts. Now, SPX traded to SPX 1439 +/- which is the rally which we have seen before the recent "consolidation period". SPX 1440 is the next resistance.
I noted that market participants are sitting on cash looking for a directional confirmation OR holding on to shorts from the 2/27 sell-off waiting for a further pull back. Therefore, it will likely trigger more buying-pressure when resistances are taken out.
As for possible neg. D, I don't see intraday neg. D, as for daily, I will reassess.
A good news from Iran-Sailors certainly helps market sentiment today. Having said that, market has shown stability regardless geopolitical risk. This sign is certainly a good thing.
Happy Trades
JT, Thank you, sir. Qs 43.90 +/- and SPX 1430 +/- are strong resistances, so we need to see markets trading above the Rs.
One of the reasons for choosing the school was because I liked the logo.
http://www.trend-signals.com/
Best of luck with your trades
Oil is trading lower in premarket with a positive development from Iran - sailors issue.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAjOIl86bZik&refer=home
GOOG is trading at 463.20 in premarket. As noted, breaking above 50dma, 465 +/-, is bullish.
Google Inc. (NASDAQ: GOOG) is planning an entry into television advertising business as it struck a deal with U.S. satellite TV operator EchoStar Communications Corp. (NASDAQ: DISH).
http://www.bloggingstocks.com/2007/04/03/before-the-bell-4-3-07-aapl-goog-dis-siri-pep/
Premarket Qs trading at 43.79, a resistance.
China $SSEC made a new historic high at 3291 and $KOSPI is getting close to breakout point at 1475.
Posted by: __1Best__
Date:4/2/2007 6:27:52 PM
Market bounced off at the triangle TL supports, Qs 43.30 and SPX 1416 as shown on the 60m charts after the weaker ISM report at 8:30am. SPX 1425 +/- and Qs 43.60 are intraday resistance which we need to see trading above the resistance for further upside price actions.
Qs intraday shows a resistance at 43.80 and then 44 which is the triangle down TL. The gap resistance which was the last intra high was at 44.44 which I do anticipate that Qs will trade above it to close the run-away gap. SPX 1425 is intraday resistance and 1430 down TL resistance. Unlike Qs-NASDAQ, SPX and DOW do not have "Runaway" gap; however, as we can see the Qs-NASDAQ gaps were served as resistance for "double bottom" and "W" formations.
NASDAQ 2440 is a resistance and 2460 which was the late March '07 high at where Nov-Dec 2006 peaks were.
Market actions have not negated the "Breakout Retest" scenario which is filling the gap, retesting the Feb '07 high, and possibly making new highs. As of today, the "Breakout Retest" scenario is valid.