The Weekly Report for September 17th - September 21st, 2007

September 16, 2007- Market Summary
Last week we mentioned that the markets will likely remain choppy until the Federal Open Market Committee (FOMC) releases its interest rate decision on September 18. As you can see from the charts below, the bulls managed to step in and prevent the indexes from falling below their respective long-term support levels. The responsive move has caused several inverse head-and-shoulders pattern to form on the charts. The short-term patterns could suggest that the rate decision may be the cataylst needed to relieve some of the pressure that has dominated the markets over the past couple months. It would not be surprising to see many traders remain on the sidelines until they see how the market reacts to the rate descision.

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