Stock Market Analysis

Tuesday, April 04, 2006

Daily Market Comments 5 Apr 06 by

The markets were up moderately yesterday with the decline on the price of crude. DJIA was up 0.53% and NASDAQ was up 0.37%. Even though these rises may look moderate, it has important underlying meanings in the technical sense.

Looking at the technicals, DJIA's move yesterday have enabled it to bounced off the 30MA support level very nicely and that might just set the pace for another small rally if that move is followed up today. If it does, it will probably continue the wave like move upwards bouncing off the 30MA each time. The NASDAQ is still struggling to break out of its price channel. Its move yesterday is not significantly enough to set that pace going. We will have to observe what happens today.

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