Stock Market Analysis

Saturday, April 01, 2006

Daily Market Comments 1 Apr 06

Another neutral day in the markets yesterday with NASDAQ losing a modest 0.4% and DJIA losing 0.37%. Both are insignificant changes. The price of oil seems to be testing $70 per barrel once again and have put a bearish overcast to the overall markets.

Looking at the technicals, the DJIA and S&P continues to hold at their respective 30MA support level and NASDAQ have started its consolidation respecting the neutral price channel it has been in so far. Nothing have changed yesterday versus the day before and the status quo have been maintained.

Weekly Look Back :

Looking at the week as a whole, it has been a mixed week which failed to commit the markets to a definite direction. Despite the number of positive and negative factors which are supposed to move the markets, we get a mixed close end of the week with DJIA closing down over a 150 points and NASDAQ gaining about 20 points versus close of last week. The DJIA is expected to continue its struggle at its 30MA next week with tendency to downside. The NASDAQ is expected to continue to consolidate into its neutral price channel. Overall, it seemed like this week's price action have been more technically rather than fundamentally driven.

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