Market Runs to Start 2007

Let’s take a look at the NASDAQ and S&P500, thus far today they have had a very nice run, with the NASDAQ up some 1.4% and the S&P up just over .7%.

You can see by the chart that the 50 DMA ended up acting as good support for the NASDAQ. Now, I was pretty bearish on the NASDAQ 100, and that index as well is having a great day. What will seperate today from the last few weeks is the overall volume, look for well above average to make this move relevant. Here on this chart of the NASDAQ you can see that 2460 is our resistance and it needs to be broken before we can say the market is truly on the go.

The S&P 500 has yet to really wave red flags, as the index has continued to trade in its upward channel for months now. Today’s move with heavy volume and a close above 1,430 would be a bullish indicator. The biggest participant in the index, Exxon Mobil (XOM) is weighing on the index as the stock is down almost 2% trading near $65 support. I will post a chart on XOM here shortly.

More on this topic (What's this?)

A comment came in yesterday about how long it might take to get back to even from this bear market (Random Roger's Big Picture, 11/16/08)

Dividend Aristocrats are outperforming the markets in 2008 (Dividend Growth Investor, 10/22/08)

S&P 500 2009 Estimates All Over the Map (Fund my Mutual Fund, 11/19/08)

Read more on S&P 500, NASDAQ-100 Index at Wikinvest

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