What Could Determine The Market’s Path Next Week
Stocks are confined to a fairly tight trading
range today
and are wavering between positive and negative, despite better-than-expected
University of Michigan consumer
confidence numbers and upbeat comments from Goldman Sachs about the
semiconductor industry.Â
Next week will see a slew of economic
reports — 17 in all. These could determine the path of the market for the next
couple of weeks.
The Dow Jones Industrial Average
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$INDU |
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market internals are pretty flat. Going into the weekend, some traders may be
hesitant about taking positions home, so it may not be a surprise that we have a
negative second half on the Dow.
Nasdaq
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$COMPQ |
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slightly positive, with advancing volume outpacing declining volume by a margin
of about 2:1. Once again, the PHLX Semiconductor Index
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$SOX.X |
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is dropping after a positive opening on the heels of the positive comments from
Goldman Sachs. The Nasdaq Composite tried to take
out the 1259 high reached yesterday, but has since pulled back. Support is at
around 1245/1240. If the Nasdaq can break above the intraday high at 1260,
resistance will be around 1265/1277.
The strong sectors on the day are: Airlines
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$XAL |
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$IIX.X |
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$TRAN.X |
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Banks
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$BKX.X |
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$DRG.X |
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The weak sectors on the day are: Gold
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$XAU.X |
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Insurance and Networking.
Federal Ag Mortgage
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AGM |
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setting up in a counter trend rally off its recent low. AGM is holding a
3-month relative strength rank of 13 with a downtrending ADX of 41 from
TradingMarkets.com.
Rare Hospitality
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RARE |
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counter trend rally to the 20-day moving average. This is also at the 38.2%
retracement level.
Arthur J. Gallagher
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AJG |
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setting up in a counter trend rally off its recent low. AJG is holding a
3-month relative strength rank of 7 with a downtrending ADX of 43 from
TradingMarkets.com.
Nasdaq Breadth
Adv: 1526 UpVol: 4602510
Dec: 1684 DnVol: 4761458
Net: -158 Net: -158948
NYSE Breadth
Adv: 1603 UpVol: 51306151
Dec: 1563 DnVol: 62728833
Net: +40 Net: -11422682