Daily Market Comments 8 Apr 06 by MastersoEquity.com
The March employment report turned out better than expected and sparked off further inflationary fears. This may have led to DJIA correcting down 0.86% and NASDAQ 0.94% after a very brief morning rally. Even though these figures are completely expected, the reaction to it have been stronger than expected.
Technically, DJIA corrected back down to its 30MA and NASDAQ retreated from its highs. As many indicators suggested, DJIA may continue to struggle at its 30MA for a while before resuming its trend up. NASDAQ looks like it is ready to retreat back into its neutral price channel after negating its past 3 days of gain.
Weekly Look Back : Overall, it have been a neutral week for the markets as early week gains were negated on Friday to close near where it ended the week before. The key concern of the week had been rising oil prices hitting new highs, putting severe pressure on a market that was just starting to look bullish.
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Technically, DJIA corrected back down to its 30MA and NASDAQ retreated from its highs. As many indicators suggested, DJIA may continue to struggle at its 30MA for a while before resuming its trend up. NASDAQ looks like it is ready to retreat back into its neutral price channel after negating its past 3 days of gain.
Weekly Look Back : Overall, it have been a neutral week for the markets as early week gains were negated on Friday to close near where it ended the week before. The key concern of the week had been rising oil prices hitting new highs, putting severe pressure on a market that was just starting to look bullish.
We Made 68% PROFIT On FDX On Friday! See EXACTLY How We Did It Here! (Charts Included!)
posted by Jason Ng at 7:29 PM
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