Online Stock Trading | Market Direction

Market Direction


Filed Under Fundamentals & Charts, Market Commentary |

I would like to put together a perspective on the market direction.  Again, I will be referring to point and figure charts.  These are helpful because they only take into consideration price, no volume or time element.  A crude way of looking at the market but one that will give us a bit more perspective. 

The following charts will shed some light on what price movement has been showing us.

Dow
The DJIA showing little strength left in the move, but remember these are just gauges and not definite trading spots.  Remember, we aren’t trying to call a top we are only trying to see a trend.  You will see the trend in the remaining charts and its real clear.

Nazzy
NYSE
SP500
SOX
The SOX index the most widely used gauge on the health of the Technology Sector.  Healthy gains in the technology sector are being forecasted by the P&F of the SOX index.  Not a terrible surprise given the NASDAQ has already met its upside target.  Moreover, the SOX could be foreshadowing the NASDAQ to move well beyond the upside target it just met.

Again, this exercise is not to call the ultimate top (we can see how that worked out on 2/27) here.  I am simply trying to showcase the current trend in the market:  UP!!!

Market Speculator

Last 5 posts in Fundamentals & Charts

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • ThisNext
  • MisterWong
  • Wists
  • Bumpzee
  • StumbleUpon

Comments

One Response to “Market Direction”

  1. Update on Longs and this market still has legs on July 15th, 2007 9:33 pm

    […] I posted about the market direction.  Price action has certainly suggested there is more upside to this move than most can admit.  […]

Leave a Reply