Stock Market Analysis

Monday, May 15, 2006

Daily Market Comments 16 May 06 by

The market closed mixed today after a series of drops over the past few days. DJIA closed up by 0.42% and NASDAQ closed down marginally by 0.23%. Decliners still beat advancers today as the last of the bears starts to dissipitate. The markets look like its reacting to the declining oil prices at last.

Technically, yesterday's market behaviour has no big surprise. DJIA realised its "Basket Ball" game plan as it bounces off its 30MA nicely and NASDAQ found a support level at about 2240. Overall, it looks like the markets are ready for an accumulation at these points.

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