April 28, 2008 Stock Market Recap
By Michael on Apr 28, 2008 in Stock Market
It sure seemed like the market was on pause & waiting for Wednesday’s Fed decision. Today was one of the lightest volume days of 2008 and price stayed in a narrow range. The S&P and Nasdaq were both changed by a mere 1.47 points today — although one was up by that amount and the other was down. The indices are in need of a catalyst to get them away from their resistance levels. From watching CNBC’s ‘Fast Money’ tonight it seems that everybody thinks the market is set up to roll over here. That sentiment alone makes me think we’re headed higher. On-Balance Volume on the S&P 500 is hinting at an upside move too. As always, time will tell…
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Primary | Down | Down | Down |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
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2 Comment(s)
By forex beginner on Apr 30, 2008 | Reply
I am a beginner trader trying to search for knowledge about forex trading and i found your blog. And i am surprise to see that how similar is the forex and stock trading especially on the technical part of the trade such as using stochastic and moving average indicators
. I should have tried to learn trading stock instead of forex
By Michael on Apr 30, 2008 | Reply
The nice thing about technical trading is that you can apply the principles to different markets. If you think another market is better for you don’t hesitate to switch.