The
Weekly Report for October 1st - October 5th, 2007
September 30, 2007- Market Summary
The bears were unable to offset the upward momentum that was sparked
by the recent drop in interest rates. As you can see from the charts
below, the break beyond the neckline
of the identified inverse
head-and-shoulders pattern coincided with a move toward July
highs. Most technical traders will keep a bullish outlook on the
markets until they close below their long-term moving averages,
which are approximately 3% below current prices. The index of particular
interest this week is of the Nasdaq because it has been leading
the move higher. We'll watch to see how the major indexes respond
to the upcoming earnings releases over the next couple of weeks
because these announcements may act as the next barrier to further
moves higher.
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Have a Great Day!
Casey Murphy
Senior Analyst, ChartAdvisor.com
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