Posted by 9 April 2007

April 9, 2007 Stock Market Recap

This day turned out to be a real dud (unless you were long DNDN). Very early on it looked like the bulls were ready to do some serious damage but things cooled off real quick. The result was a listless day that left the S&P up about a tenth of a percent and the Nasdaq down about the same amount.

The Nasdaq was able to push into the late February gap but fell back on light volume. It’s short-term overbought but as long as it’s making higher lows I don’t want to be short. I’m looking for support aroud the blue trendline on any pullbacks.

The S&P’s story is similar to the Nasdaq’s. The main difference is that it’s very close to closing that late February gap.

The Russell 200 has been lagging the other indices the last three sessions. It looks close to a stochastic sell signal. If it does come in I’ll be watching for support near the 50-day moving average which happens to be near that 800 level I’ve been watching for so long.

Trend Table

No changes

Trend Nasdaq S&P 500 Russell 2000
Primary Up Up Up
Intermediate Up Up Up
Short-term Up Up Up

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

RSS Feed Subscribe to get Free Updates.

Comments

  1. Posted by Kevin Hoffman on April 9, 2007 at 11:38 pm

    Hi Mike,

    Enjoy your posts every night. . Could you tell me, if I want to do some serious daytrading, this charting software on TD Ameritrade probably is to lame, right? Not sure if you have seen it before, but can only do 1 minute, 5 minute, 10 minute, etc. no 3 minute inverval? I realize you are mainly going to 30 minute, but it just seems to be their charting software is somewhat cheezy. . .

    Thanks,

  2. Posted by howard lindzon on April 10, 2007 at 4:06 am

    I love the damn dandan noodles at pf changs. wooo

  3. Posted by Michael on April 10, 2007 at 9:16 am

    Kevin,

    You’re right, I’m not familiar with Ameritrade’s capabilities. I guess the question is can it fit with whatever your trading style is / will be? If not, you may want to look at adding a charting package like QuoteTracker (which I now use) or eSignal (which I used b4 switching to QT). You may also want to check out a different broker like CyberTrader or Interactive Brokers.

    Poke around at elitetrader.com too, there’s plenty of discussion about various brokers in their forums.