Thursday, November 08, 2007

Market Report

Bulls and bears are in a bit of a tussle, but given this fight is occurring in the low end of yesterday's range the advantage would lie with the bears. The weekly close will be of a significant importance for the averages. For the Nasdaq there is still a good deal of support to look too:


But bears will point to the extended weakness in the semiconductors. There is very little in the way of support until July lows are tested - ugly....


Large caps are in the process of making an important test of 40-week MA support. A decisive volume break of this average would set up a test of the August lows and a potential double top confirmation. But, this is still some time away:


Small caps are in bigger trouble having cut through their 40-week MA. Only August lows remain to save the Russell 2000. Lower highs and lower lows are on the cards:




 
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