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The market showed some strength today (finally) after the ADVANCING 200 day moving average was probed on the SP500. The video below shows some of the other technical clues of a potential turnaround here, most notably a MACD divergence on the hourly charts of SPY, IWM and SMH. The Qs are not in as good shape as there still appears to be some resistance that needs to be overcome at the 48.00 level. Also keep in mind that the 5 day MA is still declining in all these markets and that means odds favor some more of a pullback before it these moves can be trusted. Continue to trade defensively!

Also, JOHN pointed out to me that the SPY reached the .618 retracement level from the March low to last months high.

Stock market video technical analysis and for Wednesday August 1, 2007 including; Nasdaq 100 Trust Shares (NASDAQ:QQQQ), S&P 500 Index (AMEX:SPY), Semiconductor HOLDRs (AMEX:SMH), iShares Russell 2000 Index (ETF) (Public, NYSE:IWM), Trend analysis for daytraders and swingtraders of stocks and options. Trading stocks involves risk; this information should not be viewed as trading recommendations.

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