Sunday Night Update

Posted by downtowntrader | 7/30/2006 11:43:00 PM | 0 comments »

It's getting late so I will be brief. The SP500 broke it's neckline and is in short term rally mode. The Nasdaq is in terrible shape overall, but semiconductors were strong Friday. Small Caps are still lagging which is a clue as to the overall sentiment. All the indices are going up on lighter volume, so this rally should be suspect until volume confirms it. Here are some charts worth watching.

Oil continues to drift down but is holding the declining trendline as support.Watch for a move to either direction.

Natural Gas has been touted as an alternative to Oil plays and CHK just broke a trendline on the weekly chart. Also notice the Parabolic Sars buy signal.

HAL is trying to retrace some of the recent declines but may have some trouble here at the gap and 38.2% Fibonacci Retrace.

BOT looks like it cleared a cup and handle here.

WNR had a strong move friday clearing resistance. I would wait for an entry near the trendline.
NEU looks like it is clearing a descending trendline here.
MWIC had a huge move Friday and may of cleared this sloppy base.
CTSH has been trading these nice little channels and may be headed up to the upper resistance trendline.
ALJ may be ready to clear resistance. Notice the uptick in volume.

Thats it for tonight.