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Wang's Happy Trading Daily Posts

Tuesday, April 3, 2007

4/3/07 Review: Nasdaq, DOW, SP 500, GOOG, RIMM

It was a very nice day for the markets!! The DOW closed above 12500; Nasdaq closed above 2450; and, SPX, or the SP 500, added more than 13 points! The major indices are ready to break some immediate resistance and perhaps retest the highs reached in February. SOX added more than 3, and, we definitely need to see the semiconductors rally more! SOX needs to break out of the range that it's been stuck in for years, shown in my entry on 3/31/07.

So, let's take a look at some charts and see where we stand: Nasdaq came near the immediate resistance at around 2457. It needs to break that and catch up with the upper BB. The MACD and RSI turned up nicely. We still want to see that 30-day MA turn up!

Let's see what the intraday chart is saying: The intraday indicators show that there is still some more room to go up! Let's see if we have enough momentum to break through that resistance around 2457. (The other major indices show similar near-term patterns.)

GOOG, with an announcement of a satellite TV ad deal with EchoStar, had a great day, which probably helped spark the market rally also!.

GOOG caught the upper BB today and is ready to ride it up! MACD, RSI, MFI all turned up, and the buying volume was high!

RIMM had a similar day as GOOG, and it is reporting on 4/11. RIMM also caught up with its upper BB with technical indicators going up nicely!

So, tomorrow, we'll need to see the major indices break their immediate resistance levels. Then, we can hope to retest the highs set in February!

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