Jan. 24, 2007 Stock Market Recap
By Michael on Jan 24, 2007 in Stock Market
Today was a big win for the bulls. The S&P and Dow made new highs and the Nasdaq & Russell 2000 broke free of the ranges they were stuck in for the previous three sessions. The Russell and Nasdaq are approaching previous resistance and it will be interesting to see if they can bust through. I think that the Nasdaq actually popped above that resistance after-hours thanks to strength from EBAY. The index charts are below…
The Naz confirmed yesterday’s inverted hammer and stochastic gave a buy signal.
The S&P finally pulled away from the 1430 area and closed at a new 6-year high.
The Russell jumped out of its congestion zone.
Everything is up once again.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up(+) | Up | Up(+) |
| Short-term | Up(+) | Up | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Tags: Technical Analysis
3 Comment(s)
By Bill aka NO DooDahs! on Jan 24, 2007 | Reply
Ain’t it strange that you seem to have more comments on days when the indices are all down and there are broken trendlines everywhere? What, nobody happy about their breakouts?
By Michael on Jan 25, 2007 | Reply
I don’t think it’s so strange. What’s there to say after a day like today when it’s just more of the same? Besides, I hardly ever get many comments.
By humble1 on Jan 25, 2007 | Reply
no new high for transports or small caps though and volume on RUT 2k mini’s dropped way off on yesterday’s rally to resistance. nice site. best to you.