4/13/07 Weekend Review: Nasdaq, SP 500, OIH, GLD, biotechs, SOX

That was a fun week! The major indices are pretty much back to the levels before the February sell-off, with SP 500 closing just above its respective level. Biotechs are the darlings of the markets right now; they are hot!! SOX, the semiconductors, is still trying to sort out a direction. The oils and metals continue to charge upwards. Since it's the end of a week, we'll be looking at some weekly charts:

Nasdaq gave us another good day on Friday!
It is less than 9 points away from 2500, the level before the sell-off. The daily MAs are moving up nicely, and both the MACD and the RSI are going strong!

The week was a great week for Nasdaq! We can see higher highs and higher lows on Nasdaq's weekly chart, and the SAR has just turned up. Weekly MACD and RSI continue to rise!

SPX, SP 500, is still strong! It's weekly chart shows that it closed "above" the level before the sell-off (1450), and it's ready to test the February high at around 1461, less than 9 points away!

The oil service companies, represented by OIH, have gone higher, also! Its weekly chart shows a very bullish picture: has caught up with the weekly upper BB; MAs lined up with 10- above 20- above the 30-week MA; its MACD, MFI, RSI, and volume are all rising strongly!

GLD, or gold, is not doing bad either: GLD is almost touching the weekly upper BB; its SAR has turned up; MACD, MFI, and RSI are rising, also!

So, the markets seem to be ready to test the Feb. highs! Nasdaq is getting stronger with lots of help from the biotechs. We still need to see the semiconductors join the rally and break above its multi-year range. The oils and metals are still strong!