Sunday, May 06, 2007

Stockcharts.com Weekly review

An interesting week for the markets as large caps pulled a bigger gap on small caps, while Tech indices following the large caps higher. What did the Stockcharters have to say about it?

Joe Reed has a good NYSE Composite Index showing the Stochastic buy signal at previous reaction lows of the stochastic (week of Mar 12-19 and Mar 26-31):



I have featured this chart of his before, but it is a handy one to reference:



The weekly S&P chart has the March reaction low illustrated by oversold technicals. Although picking a top is a bit more difficult as they tend to be choppy:



Mitchell Meana sees the Nasdaq 100 fast approaching his upside target:



but the NYSE has exceeded it:



Ted Burge is more bearish. He has a good chart for the semiconductors which currently sit right at resistance:



He also has a volatility Point-n-Figure chart for the Qs - note the reversal from 46.89 resistance:



Mixed signals for the Gold/Silver; a picture perfect reversal off resistance for the Gold and Silver Index ($XAU):



But has GLD edged a break of similar resistance?



While Jack Chan shows a clear 'sell' signal for both:




Matthew Frailey's S&P 500 Percent of Stocks Above 50-day MA shows nicely the break of 80 and backtest of the line. However, a similar event in November 2006 was greeted with continued gains for the S&P (although it did eventually lead to that big correction in February/March):



Richard Lehman said it well:
5/5 -- Longer term channel lines are now being touched and in some cases even exceeded. The Naz is now at the top of each channel, short, mid and long. The large caps are also at or near channel tops, but have actually exceeded their three-year channel lines, so Naz could certainly do that as well. The big '07 bull rolls on, defying the odds.


 
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