Monday, October 29, 2007

Market Report

Newsletter, Members Click Here. To Subscribe - click Bull icon. All eyes are on the Fed this week. Although Monday's action put in a decent gain for the markets, the gains were unable to make much directional headway. The only index to buck the trend was the semiconductor index as it finally logged a positive after lagging the NASDAQ and NASDAQ 100 for all of last week. The NASDAQ 100 remained contained by 2,205 resistance - so the Fed decision will have a big impact on what happens to this index. The Russell 2000 reversed off its 20-day MA, but it didn't come across as a major test of resistance. Large caps [Dow and S&P] were unchanged around their 20-day MAs. The other point of note was the reversal back below the 5-day EMA for the Nasdaq Percentage of Stocks above their 50-day MA ($NAA50R). This indicator frequently suffers from whipsaw around this moving average so a positive Fed decision could see this moving average breached once more.




 
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