From Briefing.com: 12:47PM Dell Computer approaches resistance at 28.25 (DELL) 28.17 +0.64: -- Technical -- Stock getting a second push towards intraday resistance at 28.25 -- on a clean break higher look for subsequent overhead at its May high of 28.55. The favorable intraday tone would deteriorate on a failure to hold very near-term support at 28.00/28.05.
12:28PM Market Internals : NYSE total volume running at 549 mln shares, slightly below the 584 mln shares traded on Friday by this time. Advancers leading decliners by an impressive 4.2-to-1 margin... Nasdaq volume running 18% below Friday's rate. Breadth also bullish with advancers leading decliners 2.8-to-1.
11:35AM Intel testing resistance at 19.00 (INTC) 19.00 +0.25: -- Technical -- Currently testing resistance at 19.00, stock cleared its 50-day simple moving average at 18.65 on Friday. On a clean break higher, look for subsequent overhead at 19.50 to 19.55. To the downside, watch for initial support in the area of 18.80.
11:27AM Applied Materials Intraday (AMAT) 14.97 +0.27: -- Technical -- Currently testing resistance at 15.00, stock has already cleared its 20-day exponential moving average at 14.78. On a clean break higher, look for subsequent overhead at 15.40 followed by 15.75. To the downside, watch for initial support in the area of 14.78/14.82.
11:17AM Major averages edge above 50-day simple moving averages : -- Technical -- Nasdaq has edged its 50-day simple moving average at 1379; Dow has cleared its 50-day simple moving average at 8850; S&P 500 has cleared its 50-day simple moving average at 932.
10:45AM Nasdaq approaches 50-day simple moving average : -- Technical -- Index holding towards its best levels on light volume and firmly bullish internals. Currently trading at 1374, index is approaching resistance at its 50-day simple moving average of 1379. On a clean break higher, look for subsequent overhead at 1391 followed by additional resistance at 1398/1400. To the downside, watch for initial support at 1369.
10:24AM Technical Levels : In our last review of the Nasdaq, we were looking for additional upside on a near-term basis. As it turns out, the index has indeed followed through with a solid move higher. To be specific, the Nasdaq has risen roughly 92 points which amounts to a three-day, 7.3% advance. A portion of the rationale in our last review was index' posture in a 'double-bottom-like' formation. In fact, one of the key questions before the fact was whether we wait for confirmation of the double bottom, or whether we anticipate that the key elements are in place for what may in retrospect manifest itself as a double bottom. There isn't exactly a 'correct' answer to this question which helps to set the stage for the forward outlook. At this point, the Nasdaq has confirmed the pattern and is now situated in a full blown double bottom formation. The confirmation came Friday when the index closed above its prior high at 1,354. So while we've been near-term bullish for almost two weeks now anticipating the follow through, many professionals have awaited confirmation and are just now taking on a bullish posture. This suggests we still have room for substantial upside at current levels. Points of interest to the upside include the index' 50-day simple moving average at 1,379 followed by more significant overhead in the area of 1,419 to 1,423. This area in the range of 1,419 to 1,423 is notable as it coincides with three points of interest over the prior five years -- 1) the September 11th-induced reaction lows which bottomed at 1,423, 2) the reaction lows of October 1998 which bottomed at 1,419 and 3) the ordinary course of its original uptrend during the Summer of 1997. Looking out more broadly, note that the Nasdaq's 200-day simple moving average rests all the way up at 1,720. So if current levels around 1,360 look bloated to you, be forewarned that things could get really out of hand before the generally bullish bias is exhausted. At any rate, we've been near-term bullish now since August 7th, at which point we identified Nasdaq 1,205 as our support of last resort -- the point at which failure would cause us to reconsider our bullish stance. With the index closing out last week at 1,361, it probably makes sense to raise the bar on key support. For the time being, we'll look towards the index' 20-day exponential moving average at 1,317. Unless or until we see a close below Nasdaq 1,317/1,320 we'll continue to favor a bullish bias on a near-term basis. -- Mike Ashbaugh, Briefing.com
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+DELL+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+TER+TXN+XLNX+^VIX+^IXIC&d=t
RtS |
