Daily Market Comments by 11 July 2006 by MastersoEquity.com
Fundamentals
Markets closed mixed with a slight bearish sentiment. The Dow was up 0.12% and NASDAQ was down 0.62%. This was following a downgrade of the tech sector by Merrill Lynch and quick profit taking on Alcoa underpinning great profit taking anticipation for the coming releases. Oil prices fell for a 3rd consecutive day but have held up above $72 definitely, suggesting that oil prices may see more upside to come than downside.
Technicals
NASDAQ continues its downward trend breaking the low of the FOMC rally as the Dow continues its journey sideways. There is a great deal of momentum in the NASDAQ retreat and we should see a testing of the 2100 support level very soon. The Dow continues to struggle at its 50 days moving average proving it to be a strong resistance level. If we do not see a break to upside soon, then we might really have another intermediate downtrend on our hands.
Markets closed mixed with a slight bearish sentiment. The Dow was up 0.12% and NASDAQ was down 0.62%. This was following a downgrade of the tech sector by Merrill Lynch and quick profit taking on Alcoa underpinning great profit taking anticipation for the coming releases. Oil prices fell for a 3rd consecutive day but have held up above $72 definitely, suggesting that oil prices may see more upside to come than downside.
Technicals
NASDAQ continues its downward trend breaking the low of the FOMC rally as the Dow continues its journey sideways. There is a great deal of momentum in the NASDAQ retreat and we should see a testing of the 2100 support level very soon. The Dow continues to struggle at its 50 days moving average proving it to be a strong resistance level. If we do not see a break to upside soon, then we might really have another intermediate downtrend on our hands.
posted by Jason Ng at 8:51 PM
<< Home