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The Dow Futures Report
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The New NASDAQ−Dow Report
Mon, Jul 28 2008, 13:19 GMT
by Carley Garner
For Monday July 28th
Index Overview
Friday mornings excitement over a rise in Durable Goods, Consumer Confidence and lower Energy got Friday morning’s market off on a positive start, which later fizzled out and the market lost momentum and started trading in a choppy fashion for the rest of the day with the Stock Indexes closing in an array of slightly higher and lower on the day. Floor sources pointed out that it being Friday, many traders folded up early to get a jump on the weekend.
The Dow closed down 35 points at 11316 which is also the 13 day moving average, many technical traders are looking for further selling with a target below 11264 and possibly as low as 11162. They are also quick to point out that the market is shrugging off bullish news and failing at repeated attempts to hold on to any rallies. In our opinion, this recent sell-off in the Dow could be nothing more than a digestion of the last two weeks 800-plus point rally, and are looking forward to buying off of those same support levels.
The NASDAQ closed higher than its siblings with a gain of over 21 points. Technically speaking the NASDAQ is trading at its Fibonacci support level and if this holds we could see the market lead the other indexes on its way higher, with price projections at around 2100 in the fourth quarter.
Published on Mon, Jul 28 2008, 13:24 GMT
Archive
- US Equities higher on better than expected pending home sales
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Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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