The Weekly Report for April 21st - April 25th, 2008

April 20, 2008- Market Summary
The bulls managed to stage a rally last week as the broad markets responded to the first wave of earnings releases. As you can see from the charts below, the major indexes are nearing the resistance of their respective 200-day moving averages, which will likely act as the next area to prevent the broad markets from heading higher.

Last week's price action was technically significant because each index was pushed above established levels of short-term resistance. The close above the identified horizontal trendlines may be used by the bulls to trigger increased buying pressure. In the meantime, we'll watch for a responsive move toward the 200-day moving averages.

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