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Tuesday, December 30, 2008

More Technical Testing

Today's rally was credited to GMAC getting bailed out, but it was more a case of more technical testing. The 50dma, today at 888, was tested successfelly near the close as we closed at 890. We are in between two critical levels, 918 upside and 857 downside. One or the other will eventually give way, but probably not until after the new year.

The Nasdaq stopped just short of the 50dma. 1602 and 1493 look like the range we are stuck in here. Volume is not likely to be high tomorrow or Friday.

The Russell 200 doesn't seem to be having problems with the 50dma. 486 and 465 look like the range we are in here. Overall, the Russell looks like the least likely to crack.

Another look at the percentage of Nasdaq stocks above the 200dma.

And the same chart for the NYSE. Of note here: The Nasdaq is at a higher percentage, but is having a lot of trouble advancing past 10%, while the NYSE is still trending up. I don't know how much significance RSI has on this chart, but iut is quite a bit higher on the NYSE than the Nasdaq.

On Christmas Day I posted an article entitled "Why didn't the rate cuts work?" The morning Karl Denninger answered it for me.

Tuesday night updates are usually a bit lateer than normal, and tonight will probably be no exception. I am uploading a new earnings spredsheet as I type, with the reporting dates in column T. As usual, those highlighted in green are confirmed dates.

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