The
Weekly Report for September 24th - September 28th, 2007
September 23, 2007- Market Summary
In our last few reports, we mentioned that the markets would likely
remain choppy until the Federal
Open Market Committee (FOMC) released their interest rate decision.
Tuesday's greater-than-expected drop in rates has fueled a bullish
rally and has also coincided with a move above the neckline of several
influential inverse
head and shoulders patterns. As you can see from the charts
below, majority of the indexes are back within striking distance
of their respective July highs and it will be interesting to see
if the upward momentum can continue.
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Have a Great Day!
Casey Murphy
Senior Analyst, ChartAdvisor.com
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