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Friday, April 25, 2008

Waiting For A Breakout

This is an intraday chart of the last 10 days on the SPX. 1396-1406 seems to be the area of resistance, and it is very stiff. It seems to me that a lo of sceptical buyers are waiting for that area to be breached before they join in. I'm still amazed at how well gaps provide support and resistance.

The Nasdaq, strong of late, was weak today. There was no attempt to retest either support nor resistance. Volume was low, and no damage done.

MSFT was the tech wreck of the day, missing on earnings and dropping 6%, a hue move for this stock. MSFT may be a large portion if the Nasdaq and Nasdaq 100, but it is no longer a leader.

The Russell 2000 is beating it's head against resistance as well, trying to break through the 725-735 resistance zone. If it can get through it then I will be joining the crew at CNBC and say the bear market is over.....for now.
Late breaking news....A U.S. ship has fired warning shots at Iranian patrol boats. Expect a jump in oil overnight.

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