Weekly Stock Market Review and Technical Analysis

Broadmarket analysis is presented here courtesy of Cashflow Heaven.  Each week a new market analysis is provided with key chart technicals to help the trader get a better feel of the market direction:

Feb 17 2008 Market Analysis

Feb 10 2008 Market Analysis

Feb 03 2008 Market Analysis

Jan 27 2008 Market Analysis

Jan 20 2008 Market Analysis

Jan 13 2008 Market Analysis

Jan 06 2008 Market Summary

Dec 30 2007 Market Commentary

Dec 23 2007 Market Report

Market analysis for the week of December 17, 2007

Dec 10 2007 Broadmarket Analysis

Key Events and insight on market movers are available each morning via MarketClub (http://www.marketclub.com/)

A TEN THOUSAND-FOOT VIEW OF THE STOCK INDEXES

The September NASDAQ 100 closed higher on Friday and spiked above the previous high crossing at 1970.25. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, weekly resistance crossing at 2022.50 is the next upside target. Closes below the 20-day moving average crossing at 1938.92 are needed to confirm that a short-term top has been posted.

The September S&P 500 index closed higher on Friday as it extended yesterday's breakout above the 20-day moving average crossing at 1536.24.The high-range close sets the stage for a steady to higher opening on Monday although I would not be surprised to see a steady to lower close as the index might try to consolidate some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible. If September extends this week's rally, June's high crossing at 1557.70 is the next upside target.

The Dow closed higher on Friday as it extended this week's rally but fell short of testing the previous high crossing at 13,692.
The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 13,692 would renew this year's bull
market.
 

LOOKING AT INTEREST RATES

September T-bonds closed up 13/32's at 106-08.

September T-bonds closed higher on Friday due to short covering ahead of the weekend as traders bank some of this week's profits. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing at 106-29 are needed to confirm that a short-term low has been posted. If September extends this spring's decline, weekly support crossing at 103-27 is the next downside target.

TRADING THE ENERGY MARKETS

July crude oil closed higher on Friday and spiked above minor resistance crossing at 68.58 before profit taking tempered early session gains. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, March's high crossing at 69.53 is the next upside target. Closes below Monday's low crossing at 64.52 would confirm that a short-term top has been posted.

July heating oil closed lower on Friday due to profit taking ahead of the weekend but remains above April's high crossing at 200.25. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady opening on Monday. If July extends this week's rally, weekly resistance crossing at 206.75 is the next upside target. Closes below Monday's low crossing at 188.90 would confirm that a short-term top has been posted.

July unleaded gas closed higher on Friday confirming yesterday's breakout above the 20-day moving average crossing at 221.90. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the reaction high crossing at 231.90, then May's high crossing at 234.19 are the next upside targets. Closes below the 10-day moving average crossing at 218.81 would temper the near-term friendly outlook in the market.

July Henry natural gas closed higher on Friday and above the 20-day moving average crossing at 7.885 confirming that a low has been posted. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the reaction high crossing at 8.208 is the next upside target. From a broad perspective July needs to close above 8.40 or below 7.55 to clear up near-term direction of the market.

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