July 17, 2005 Market Recap

The DJIA made a new high again today, but could not stay above 14,000. The stochs are in the overbought zone again. Tomorrow could possibly be a down day. The gains the Dow has made the past few days it is time for a pullback. The S&P is having a hard time getting past the 1550 mark as well. The stochs are also in the overbought zone, and once again I would expect some pullbacks as people take profits.

The Nasdaq continues to hit new highs. The gaining of 5% in the past 5 days is a very rapid rate of gain. I would expect a pullback on the Nasdaq as well.



The Russell 2000 is still stuck in the trading range between 820 and 855 but the short term trend has been up. The lows have been higher, although new highs are not being reached yet. It appears we are in a channel, but has not broken out.

I mentioned I would look at the mid term trend. It is following the long term trend right now. There are no differences. I will look at the short term trends in the next couple of days.