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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Stocks Were Confined To A Tight Range
Posted on 10/23/2007 16:22:27 | Link | Post Comment
The major averages opened and finished the session mixed after spending the majority of the session confined to a relatively narrow trading range. The volume total on the NYSE was lower than Friday's level, and volume on the Nasdaq exchange was slightly above the prior session total. Ideally, volume recedes as the major averages consolidate following a recent rally higher. Decliners were about even with advancers on the NYSE, but decliners led gainers by a 16-to-14 ratio on the Nasdaq exchange.
PICTURED ABOVE: The Nasdaq Composite traded down while volume rose above Friday's total, which technically may be considered a sign of distribution or heavier selling from institutional investors who have the most influence on overall market's direction.
The Healthcare ($HMO +0.98%) group was one of the day's strongest gainers, meanwhile modest gains for the Biotechnology ($BTK +0.15%), Broker/Dealer ($XBD +0.18%), Bank ($BKX +0.21%), and Retail ($RLX +0.32%) indexes were offset by weakness elsewhere. The tech sector sputtered as the Semiconductor ($SOX -1.24%), Software ($GSO -1.21%), Internet ($DOT -0.63%), and Networking ($NWX -0.39%) indexes lost ground. Commodity linked areas also slumped as the Integrated Oil ($XOI -1.45%), Oil Services ($OSX -0.91%), and Gold & Silver ($XAU -1.35%) indexes ended unanimously lower.
PICTURED ABOVE: The Nasdaq Composite traded down while volume rose above Friday's total, which technically may be considered a sign of distribution or heavier selling from institutional investors who have the most influence on overall market's direction.The Healthcare ($HMO +0.98%) group was one of the day's strongest gainers, meanwhile modest gains for the Biotechnology ($BTK +0.15%), Broker/Dealer ($XBD +0.18%), Bank ($BKX +0.21%), and Retail ($RLX +0.32%) indexes were offset by weakness elsewhere. The tech sector sputtered as the Semiconductor ($SOX -1.24%), Software ($GSO -1.21%), Internet ($DOT -0.63%), and Networking ($NWX -0.39%) indexes lost ground. Commodity linked areas also slumped as the Integrated Oil ($XOI -1.45%), Oil Services ($OSX -0.91%), and Gold & Silver ($XAU -1.35%) indexes ended unanimously lower.
Breakout strategies: Expect the Best, Manage the Risk
ES Pivot Points for Wednesday from Dr. Brett:
Pivot Level: 1438.75; R1: 1441.25; R2: 1444.50; S1: 1435.50; S2: 1433.00
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Examples
Morpheus Trading - Thu Jul 17, 2008 01:15AM
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