|08-14-2009, 03:06 AM||#1|
Join Date: Aug 2009
Rep Power: 55
One Day Up, One Day Down
After presenting a volatile session, the U.S stock market finished the day on a positive note, closing with an average gain of 0.7%. Financials and materials led the way both climbing by approximately 2%. Despite the disappointing retail sales figure, Wall-Mart (WMT) finished the session higher, mentioning that they expect better earnings.
From a technical point of view the major indices seem to be gaining strength, but are yet to cross their prior highs. Both the NASDAQ and the S&P500 are trading around prior resistance after climbing higher towards the end of yesterday’s session. Conservative traders should wait for a break of prior resistance for confirmation that the trend is continuing. When taking a look at the chart below, one can see that even though the S&P500 is now trading slightly above major resistance of 1007, the index hasn’t yet completely cleared the level.
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