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Old 07-31-2009, 01:13 PM   Nav to Top  #1
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Default Is this shooting star signaling a reversal, or wil

The U.S stock market continued on its journey higher yesterday, gapping up at the start of the session. Buyers drove the indices higher as leading companies released their earnings showing an improvement. MasterCard jumped during the session, releasing better than expected earnings, while General Electric helped pull the Dow Jones higher, stating that recent bank policies will allow the giant to keep its financial division.

Despite the positive open, the major indices lost their steam, dropping during the second half of the day as investors cashed in on their gains ahead of GDP data. In addition, economic data had a slight impact on the session as jobless claims jumped back to 584k. Even though the number was higher compared to last week’s figure, the released figure still showed that employment problems are lower than the numbers published in the first quarter.

When observing the spider chart of the S&P500 one can see that even though the price pattern closed above its prior high, yesterday’s candlestick formed a shooting star – a candle that tends to signal towards a reversal. Due to today’s economic events it is advisable to wait for a confirmation candle, especially as a better than expected GDP figure could drive the indices even higher.

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Forex, GDP, NZD/JPY, shooting star, Stocks

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