The Weekly Report for November 19th - November 23rd, 2007

October 18, 2007- Market Summary
Concerns about economic growth, corporate earnings and the stability of the credit markets continued to plague traders as they tried to determine the direction of the markets. As you can see from the charts below, volatility remained high during the week, giving short-term traders plenty of opportunities to profit. On the other hand, now is a good time for long-term investors to wait on the sidelines until things cool down.

From a technical standpoint, the charts of the Dow and S&P are of specific interest this week because they were unable to overcome the resistance of their respective 200-day moving averages. Some technical traders will use this to suggest that the bears will remain in control of the longer-term momentum. The other main chart of interest is of the Russell because it is trading near the support of a long-term ascending trendline. Traders will watch for a sustained break below this trendline because it will signal the end of the uptrend and will likely lead to increased selling pressure.

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