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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (76102)	4/27/2001 10:26:50 PM
From: Ibexx	Respond to of 99985

From Bernie Schaeffer's website, in excerpts: "With one trading day left in the month, the Dow Jones Industrial Average (INDU) is in a good position to have its first monthly close above its 10-month and 20-month moving averages since January. During the last hour of trading, the INDU staged a comeback to close at its intraday high, gaining more than one percent. The average will have to face potential resistance at the 10,900 level. What’s more, INDU is now less than 200 points away from the 11,000 level. The site of staunch resistance over the past several months, the average has not had a close above 11,000 since September. The INDU was led higher by American Express, Intel, J.P. Morgan, and Wal-Mart, while Caterpillar and and Alcoa reached new 52-week highs. Also pulling higher, the Nasdaq Composite (COMP) tacked on more than two percent. The day’s low fell back to successfully test support at the index’s rising 10-day moving average. While the COMP is still more than 900 points below its 10-month moving average, the tech-heavy index is content to brag about its second consecutive weekly close above its 10-week moving average. The COMP had not accomplished this feat since the end of January. Semiconductors, networking, hardware, and biotechs led today’s gains. Biotech company, Amgen (AMGN), posted first-quarter earnings late Thursday, beating the Street by a penny per share, but warned that it would fall short of full-year forecasts. AMGN closed the day up over seven percent despite its warning, while Human Genome Sciences jumped ahead six percent and Biogen swelled nearly four percent. Only oil service, utilities, and natural gas ended the day down after a strong week. The Russell 2000 Index (RUT) closed over one percent higher, ending the week above its 10-week and 20-week moving averages. The RUT will next have to tackle potential resistance at the 490 level, which is the site of both its 10-month and 20-month moving averages. The S&P 500 Index (SPX) managed a weekly close above the 1250 level, an area the index has not closed above on a weekly basis since mid-February. The SPX must still face overhead resistance in the form of its 20-week moving average, a trendline that has contained all of the index’s rally attempts since September. ..." Ibexx