Daily Market Comments 29 Mar 06
The markets were down yesterday in a mid day downturn on an increase in Fed Rates by 2.5 basis points. The rate hike have been fully anticipated but what wasn't expected was the policy that such rate hikes wasn't coming to an end.
Looking at the short term prospects, the DJIA seems to be coming to a support level on the 30MA and if it can hold itself at that level, more upside can be expected. As for NASDAQ, it looks set to continue the neutral, sideways trend that it has been on for so long. From other indications, it seems like the markets might have more downside than upside at least for the next 5 days or so.
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Looking at the short term prospects, the DJIA seems to be coming to a support level on the 30MA and if it can hold itself at that level, more upside can be expected. As for NASDAQ, it looks set to continue the neutral, sideways trend that it has been on for so long. From other indications, it seems like the markets might have more downside than upside at least for the next 5 days or so.
sponsored ad : Learn to make 5 to 10 times your usual stock trading ROI Here!
posted by Jason Ng at 7:27 PM
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