3/26/07 Review: Nasdaq, SPX, SOX, GOOG, AAPL, RIMM

It was a nice day for the markets. We survived the new housing data and the bulls rallied Nasdaq all the way to finish green! This showed that there's a lot of money standing on the sideline, ready to come in.

The Nasdaq closed right at resistance. It needs to catch the upper BB and start turning it up. Similar charts exist for other major indices, for example, SPX.
I'd really like to see a strong rally in the techs tomorrow and push the upper BB up and open. This should also start to turn that 20-day MA.

The SOX basically had a flat day. Nice come back, though. Still waiting to see if the tailend of the "W" pattern would take off. The MACD is going up nicely, but, we really, really, need to see the MAs turn up! If the SOX rallies tomorrow, the markets should be pretty strong.

GOOG had another nice day. It closed right at the resistance and have caught the upper BB, which opened up the door for a big rally tomorrow. The MAs are behaving nicely: 10-day MA has has crossed above the 20-day MA; the 20-day MA is flattening; and, the 30-day MA has already turned up. All great signs!

AAPL had another strong day. It's been riding the upper BB for days. Today, it sailed right past the resistance at 95. Although it might be starting to look a bit toppy, the strong volume today and the fact that 52-wk high is not that far away, I think AAPL can still continue this run.

RIMM had a strong day today. I've been patiently waiting for RIMM to sort out this resistance at 137 (see post on 3/22/07). It dropped below 137 in the morning and created much more room on its intraday charts. When the market rallied, so did RIMM. When it went above 137 again, I thought it could be time for it to break out.
RIMM closed basically at 139, well above 137. The upper BB is very close. At about 140, it would have caught the upper BB and gone past the only major resistance left. The MACD has just turned positive. So, with a little more push, we might see RIMM at new highs very soon.

So, a very good day overall, and, if we get a strong rally tomorrow, the major indices would probably all catch the upper BB and be in the breakout mode. We certainly need the SOX to have a strong day. If the SOX starts to rally early, it would be a good sign!