The
Weekly Report for September 10th - September 14th, 2007
September 9, 2007- Market Summary
In our last report, we mentioned that a series of lower highs could
be used by traders to suggest that downward momentum could continue.
In addition, we noted that the indexes were quickly approaching
levels of nearby resistance,
which for many was equal to their respective 50-day moving averages.
As you can see from the charts below, the bulls were unable to overcome
the resistance and the major indexes finished the week sharply lower.
It is also important to mention that Friday's non-farm
payroll numbers were much weaker than the market was anticipating.
The job numbers represented the first decline in four years and
have caused many investors to question the strength of the economy.
The markets will likely remain choppy until the Federal
Open Market Committee (FOMC) releases its interest rate decision
on September 18.
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