Stock Market Analysis

Monday, November 01, 2010

Heavy Weight Week Ahead...

Not surprisingly, the Dow continued to move sideways last week, closing marginally lower by 0.13% week on week.

Investors continue to struggle with the 11,100 resistance zone last week as the bull continuously fought back early bears almost every day last week in order to keep the market sideways.

We are once again in the first week of a new month. The first week of every month is when the biggest and most influential economic data are released. We have the ISM index on Monday and Jobs Report on Friday, both of which are market movers. Investors are certainly looking forward to better than expected numbers in order for the market to stage a real breakout. However, the chart pattern does suggest a higher probability of a topside breakout than downside.

For now, the Dow remains in a short term neutral trend, intermediate bull trend within a primary bull trend.
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