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 October 31, 2007 Stock Market Recap

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Number of posts : 440
Registration date : 2007-07-01

PostSubject: October 31, 2007 Stock Market Recap   Wed Oct 31, 2007 10:31 pm

11:26 PM (3 minutes ago)
October 31, 2007 Stock Market Recap

from [url=/reader/view/feed/]Trader Mike[/url] by Michael
The bulls supposedly didn’t get all that it wanted from the Federal Reserve today but you’d never know that by looking at the charts. Technology & the Nasdaq continue to lead the market higher, with the Naz making a new high today. That new high even came on strong volume for a change.
The S&P is approaching resistance from its all-time highs again. Will the third try at this zone be the charm? Some might argue that the index is making a cup & handle here. If it is, watch for the breakout.
The potential breakout looks more impressive on the long term chart — 800 points down = 800 points up from here? Or will resistance hold?
The small caps continue to bring up the rear…
Trend Table
TrendNasdaqS&P 500Russell 2000PrimaryUpUpUpIntermediateUpUpUpShort-termUpUpUp(+) Indicates an upward reclassification today

(-) Indicates a downward reclassification today

Lat Indicates a Lateral trend *** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
technical analysis

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