Wednesday, July 30, 2008

Bulls vacation! What vacation?

Sterling work by buyers as a further accumulation day is registered for the rally. Once again looking at 50-day MAs for targets (with the exception of the Russell 2000 which is already there - for that look to the 200-day MA).

Comments unchanged from Jul 23rd:

Lovely reversal

Strong gains, but how will 2,350 hold as resistance?

Market needs a breather - action is still very reminiscent of March.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website