The
Weekly Report For April 13th - April 17th, 2009
April 12, 2009- Market Summary
The
rally continued this week, bring all four indexes well up above their lows March lows. All four indexes are steadily approaching their 200-day moving averages; and the S&P 500 and Russell 2000 are approaching influential levels of resistance. It seems that, at least in the short term, the rally should continue; however, be sure to protect your positions as the Dow, Russell 2000, Nasdaq 100, and S&P 500 approach their resistance. As was said last week, if these indexes manage to break through these influential levels, we may see a further upwards movement in the longer term. If not, then the legs may fall off what would be proven as a bear market rally.
Traders looking to get long in this market, should continue to be ready to take profits as the Dow approaches its 8300 level. Levels to watch for in the S&P and Russell remain at 875 and 475, respectively; while Nasdaq traders should be watching 1400. (To learn more about levels of resistance, be sure to check out the Support And Resistance section or our Technical Analysis Tutorial.)
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