The Key Level To Watch On The S&P…
Today’s markets opened to a big surprise, another
Accounting scandal! The markets are in decline on news of bookkeeping
distortions by Vivendi Universal
(
VVI |
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PowerRating), the latest in an ever-growing
number of corporate scandals that has helped drag the Nasdaq Composite
(
$COMPQ |
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PowerRating) to five-year lows. Now that the 1500 level has been broken, the
1300 level is the next area of major support.
The S&P 500
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$SPX.X |
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PowerRating) has now
dropped below the September lows and is trading at the levels of 1998. We are
now testing significant support levels at 944.75.
The September 10-year Treasury
(
TYU2 |
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PowerRating) note rose 1/4 point, or $2.50
for each $1,000 invested. The yield, which moves inversely to price, slipped to
4.75%. The 30-year bond for September
(
USU2 |
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PowerRating) was up 3/8 point to
yield 5.46%.
The September dollar
(
DXU2 |
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PowerRating) strengthened. It traded at ¥120.11, up
from 119.93 late Monday in New York, while the euro fell against the dollar to
98.36 cents from 98.99.
Silicon Valley Bancshares
(
SIVB |
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PowerRating) is
triggering to the downside out of a counter trend rally. SIVB is carrying a
3-month relative strength rank of 20 with a downtrending ADX of 40 from
TradingMarkets.com.
Scholastic Corp.
(
SCHL |
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PowerRating) appears ready to
fall out of a counter trend rally. SCHL is carrying a
3-month relative strength rank of 7 with a downtrending ADX of 47 from
TradingMarkets.com.
Big Lots, Inc.
(
BLI |
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PowerRating) is pulling back to
its 20-day moving average. BLI is holding a
3-month relative strength rank of 95 from TradingMarkets.com.
Apollo Group
(
APOL |
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News |
PowerRating) is touching the top
of a triangle. APOL is carrying a
3-month relative strength rank of 88 from TradingMarkets.com.
NASDAQ Breadth: 2002-07-02 13:52:28
Adv: 729 / Dec: 2307 Net: -1578
UpVol: 57098751 / DnVol: 98403140 Net: -41304389
NYSE Breadth: 2002-07-02 13:52:28
Adv: 715 / Dec: 2239 Net: -1524
UpVol: 10791390 / DnVol: 105922653 Net: -95131263