ON MAJOR AVERAGES AND MARKET LEADERS
Dow is at major support
S&P100 is at major support
S&P500 has a small breakdown below support lines
but S&P500 has more support at 1230
Nasdaq leadership is showing right now
NazComp is exactly at its 50-day Moving Avg in uptrend
QQQ (Naz leading 100) is exactly at its 50-dayMA in uptrend
leader IBM recovered all its loss today
IBM shows an inverted Head&Shoulders with target loss at 105
it recovered exactly at that point today, maybe decline over
leader Microsoft fell almost 3% today, but remains in uptrend
MSFT sits at the lower boundary of a clear upchannel
leader Dell fell 3.5% today but remains in nearterm uptrend
leader EMC reversed its loss today, bounced off 50-day MA
EMC remains in clear uptrend
new leader QCOM was down on the week, falling slightly today
but mighty QCOM remains in uptrend, sitting at 18-day MA
new leader Nortel fell 3.5% today
NT remains in clear uptrend, still above its 18-day MA
little juggernaut AudioVox was about even today
VOX remains in clear uptrend, right at its 18-day MA
new leader Uniphase reversed its loss today
JDSU remains clearly above its 18-day MA in solid uptrend
new leader Sun Microsystems was up all day today, up 3.5%
SUNW has a dynamo uptrend very much intact
new leader Yahoo lost 2% today, still above its 50-day MA
YHOO is trying to get its act straightened out into an uptrend
altho General Electric was down 3.5% today, it remains in uptrend
GE sits right at its 50-day MA
altho American Express was down 5% today, it remains in uptrend
AXP is still above its 50-day MA
altho Merck was down almost 4% today, it remains in nearterm uptrend
MRK is still above its 18-day MA
altho WalMart was down 3% today, it remains in clear uptrend
WMT is above its 18-day MA
MORAL OF THE STORY: TECHS LEAD THIS MARKET
MARKET GOT ITS ASS KICKED, BUT STILL ALIVE
wash out the undies, Monday begins another week
/ Doctor J |
