Friday, July 20, 2007

Weekly summary

Friday's action handed the week's action to the bears. However, the prevailing trend is bullish and indices still have support to look too. The Russell 2000 tested May-June support and is well placed for a bounce on Monday (stops on break of support):

Large caps took 1% hits on Friday, but money flow for each is on the rise. The S&P was able to meet its projected target from the February-April correction:

While the Nasdaq has been riding the good fortune of semi-conductors and has the strongest money flow. The projected target fell a few points short but it looks as good as met:

Next week is another week. Can bulls re-assert the trend or will a larger sideways pattern unfold?