Stock Market Analysis

Wednesday, April 05, 2006

Daily Market Comments 6 Apr 06 by MastersoEquity.com

The markets were up against rising oil prices yesterday in a bullish move that took the NASDAQ and the S&P to new 5 years highs! DJIA closed up 0.32% and NASDAQ closed up 0.61%.

The DJIA bounced off its 30MA and continued its move upwards yesterday going by the game plan we suggested the day before. What is exciting is the channel break by NASDAQ. Its move yesterday not only brought it to new 5 years highs but also took it out of the neutral price channel that it has been in for the last 4 months. It still needs some follow up today in order to make sure that move is sustainable. Overall, we are looking at a very bullish market condition here, technically speaking.


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