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

The markets enjoyed another nice day today. The major indices pretty much close just above their immediate resistances (the highs made after Bernanke's speech last week). The DOW closed at 12530.05; SP 500 at 1439.37; and, Nasdaq at 2458.69, the strongest percentage-wise. The semiconductor sector also rallied 4.42 points to close at 473.02.

Let's look at some charts:
The daily charts are pretty much the same story, besides that we continued to rise and closed just above the immediate resistances. Nasdaq closed above the 2457 resistance, but, still need to see that 30-day MA turn up! MACD and RSI continue to rise.

The intraday charts, however, are getting maxed out. So, are we breaking out of here to re-test the February highs? Let's take a look at the 15-minute chart: We see that on the 15-minute chart, the MACD is flattening. If we find enough strength tomorrow to make this MACD rise up again, we may find that the buyers are still in control. I think it'll be interesting to see how the Asian markets hold up overnight tonight.

SPX, or the SP 500 index: SPX pretty much shares the same story as Nasdaq, but, a little better. Notice that its 20-day MA (blue line) has just risen above the 30-day MA (black line). Maybe it's something that Nasdaq can look forward to in the next couple of sessions?

How about the semiconductors?
SOX made a nice advance to close above 470! The MACD has curved up and the RSI is rising. Even the 20-day MA turned up too! We need to see it break the resistance at 473.8 and go above 475!

We should be cautious tomorrow, especially because Friday is a holiday; so, tomorrow is the last trading day of the week. In the next couple of trading sessions, we should be able to sort out the near-term direction of the markets. Commodities, however, still seem to be strong.