4/11/07 Review: Nasdaq, SP 500, DOW

So, once again, the Feds spooked investors! =) The timing was about right, though. It's about time the markets take a little rest. Let's take a look to see where we are at:

The Nasdaq closed above support (2456.5) at 2459.31.
What's positive for today was that the 30-day MA finally turned up! We'll have to see now if the 10-day MA can act as a support, while the intraday charts work off some steam!

Nasdaq intraday: On the intraday chart, we can see that Nasdaq really hit the tops of this near-term cycle at the end of last week. It was able to sustain the levels as things started to cool off earlier this week; probably people wanted to wait and see what comes out of the Fed's minutes.

The DOW faired a little less well.
It closed below the support around 12500, but, it did bounce off of the 10-day MA. The SP 500 shows similar charts to Nasdaq.

Now, the test is to see how fast can the bulls regroup, whether the 10-day MA will be strong enough as a support, and, if it is, whether the indices can continue the uptrend to re-test the Feb highs.