Stock Market Analysis

Thursday, March 30, 2006

Daily Market Comments 31 Mar 06

A neutral day in the markets yesterday where NASDAQ finishes up 3 and DOW closing down 65. Investor sentiments from the small rally of 2 days ago continued yesterday morning but faded away with the price of crude topping $67 per barrel. The rising interest rates does indeed put a mid term pressure on the markets even though the US economy continues to do well with job figures hitting new highs.

Looking at the technicals, we saw a non committal day. Even though the DOW ended down, it did nothing to change the fact that it is still lingering at the strong 30MA Support Level. There was no follow through on the rally of 2 days ago like we would like to see in order to set the momentum for more upside. NASDAQ ended up but the technicals shows that it is still within its neutral price channel and looks like it might consolidate downwards a little.

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