June 26, 2007 Market Recap

Once again the bulls and bears struggled. The concern for the dow is the June 8 low on 13207. If that is broken the bears will definately be winning. The stochs are in the oversold region. It appears that a double top has formed, and the entire market is heading down. Once it breaks 13,200 it will be confirmed. It should hit significant support around 12,850. That was the February 20th high as well as the 50% retracement from the March 14th low to the June 1st high.

The S&P is showing very similar trends. If it breaks 1,487, we can expect it to go to the support level again at 1,460. Once again it is the February High and the 50% retracement from the dates above. The stochs are once again in the oversold range.



The Nasdaq looks similar but I will say it is only going to go to the 3/8 retracement at 2,520. The Nasdaq appears to be doing slightly better than the Dow or S&P which may mean the very broad market is on its way up. It is also interesting to note that the most recent high and the June 8th low and the low today was right at the 5/8ths retracement level. It also followed the trendline very well, so we could be getting a bump tomorrow.



For the Russell 2000, it looks like if it does break lower, it could drop to around 795. There is significant support there. It is also the 5/8th retracement zone of our March to June swing, It is right at the 50% line for the February to March Drop, and the 7/8th spot for the July to January gain. I am anticipating significant resistance at 795. I guess time will tell.



For the Buy and Sell signals for the Day
LLV
Buy: TTEC, SGP, AET

Channel Pullback
Buy:A, RIMM, EMC, MDR, MTN