August 26, 2007

The Weekly Report for August 27th - August 31st, 2007

1) MARKET SUMMARY
2) INDEX CHARTS (DJIA, S&P, NASDAQ and RUSSELL)

Market Summary
The bulls managed to make some headway last week as they stepped in and put an end to the downward momentum. These gains were made despite the news that the number of jobs lost in the mortgage and corporate lending sectors topped 40,000 since the start of the year. As we mentioned in our last report, the drop toward the long-term support levels is suggesting that the bulls have a lot of work ahead of them in order to prevent a long-term shift downward. For now, it seems that the choppy trading will continue and that the nearby resistance could put a damper on further upward momentum.

We'll watch closely to see how the major indexes respond to the nearby long-term moving averages. Any sustained move below the respective support levels will point to continuing market declines.

Index Charts

Dow Jones Industrial Average

S&P 500


Nasdaq 100

Russell 2000 Index

Have a Great Week!

Editor, ChartAdvisor.com

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