Outlook On The Stock Indices |
By Price Headley |
Published
01/19/2009
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Stocks
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Unrated
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Outlook On The Stock Indices
A slew of earnings reports coming this week include big names such as EBAY, AAPL, IBM, JNJ, ABT, BK, AMD, GOOG, MSFT, POT, NOK, LUV, GE, UNH, UNP.
Short Term - S&P 500 Index
The S&P moved lower this past week, but appears to have held support at the Bottom Acceleration Band. However, the Index is now in the bottom half of its bands and faces overhead resistance at the key 900 level.
S&P 500 Index Daily Chart
CBOE Volatility Index
The VIX moved quickly from testing the lows around 35 to 40 to its top bands, breaking above 55 intra-day last week. However, it did appear to fail at the 50 level on Friday.
VIX Daily Chart
Longer Term - NASDAQ 100 Index
Stepping back to the Weekly Charts, we are still in a sideways type consolidation. Weekly Percent R readings are still anemic, and have not yet confirmed any potential rally that would take us to the Middle Band/Exponential Moving Average resistance around the 1300 to 1500 area.
NDX Weekly Chart
Price Headley is the founder and chief analyst of BigTrends.com.
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