Friday, April 18, 2008

Key Technicals

Thanks to a strong earnings report from Google and some good news out of Citigroup the market rallied today in spite of crude oil rising above $117 for the first time ever. In fact the market broke through some key technical indicators that we have been tracking in the short term:

The Dow closed the day at 12,849.36, well above the 12,750 resistance line we have been watching:

The Nasdaq finished the day at 2,402.97, within 10 points of some minor resistance:



The S&P finished the day at 1,390.33, within 5 points of its resistance:

How the market performs early next week will be very important for the psychology of the market. In fact it is important enough that I am actually writing about this, which should say something because I usually avoid talking about technical analysis on my blog as a matter of principal.

Hat Tip: Bespoke

Posted by The La Jolla Guy at 4:14 PM

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1 comment:

Anonymous said...

Thanks to the owner of this blog. Ive enjoyed reading this topic.

May 19, 2008 at 11:21 AM

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