June 22, 2007 Recap

The DJIA is in a uptrend since March. It is now going into a consolidation phase. This next week will show which way the market is heading. If we have a market that goes up, the market will be forming a triangle, which will have to break between 13,500 and 13,700. The DOW is heading to the oversold for the Stochastics.

The same triangle is shown for the S&P 500 index. The Stochastics are also going toward oversold.
The Nasdaq made a higher high during the recent market uptern. It has not started the consolidation like the other indexes have. The Stochastics are going toward short term oversold.
The last chart shows how the Russel 2000 is also in a consolidation phase. Notice how the low 8 days ago went to the 3/8 Fibonacci retracement. If we break out of the upper triangle, It could go to 882. If the triangle is broken of the low side it could go to 796.
So how are the market trending,

	DJIA	S&P	Nasdaq	Russell 2000
Long Term	Up	Up	Up	Up
Mid Term	Up	Flat	Up	Up
Short Term	Down	Down	Down	Flat