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A breather before the big jobs report tomorrow. As long as wage growth comes in at 0.3% or less, the market should be fine. The Nasdaq (first chart below) faces resistance at 2370, and support is 2340 and 2328-2333. The index is getting pretty overbought, with -DI, or selling pressure, all but drying up, and next week begins the weakest six months of the year for stocks. The Dow (second chart) is once again pausing at 11,230-11,250 resistance; above that, 11,350-11,426 is next. Support is 11,150, 11,100 and 11,050. The S&P (third chart) faces major resistance at 1310-1316, and 1300 and 1295 are support. Long bond yields (fourth chart) continue to push multi-year highs. How will stocks handle a 5-handle on interest rates?
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Fund my Mutual Fund. Published: 08/08/08 02:03 PM EDT. Rating:. Related Stocks: After 2 days of gains, the market was ready to take a breather.
http://business.cbs2chicago.com/javascr+ipt:document.SwitchContent29453819(1)?GUID=6249519&Page=MediaViewer&Ticker=INTCHOME |
Trending123::
I take all the market, sector and stock analysis and boil it down into trades This is our opportunity to “take a breather” when the market is closed and
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