The Nasdaq Composite and the S&P 500 are back
for another test of the session highs. A penetration on this attempt for the Nasdaq index would
initially target 1817 (50 day sma) with a secondary resistance at 1827 (50 day ema). Resistances for the
S&P index are at the top of the 1125/1127 resistance zone followed by 1130 (chart/50 day ema)
The Nasdaq has just crept to a
new session high as techs continue to
move higher, especially semiconductors
and software stocks. Index moved
through resistance at 1794 (20 day ema).
It's now testing solid secondary
resistance zone between 1800 and 1809
(chart/trendline/38% of Mar/Apr
slump)....In a mid-day note, Salomon
Smith Barney is out with several
Technical Upgrades today: IRF 2->1,
NSM 2->1, KLAC 3->1, AMAT 3->1,
INTC 4->3....Oil services sector making a
decent move this afternoon. ESV +6%,
BHI +5%, NBR +4%. These are big
moves for this group.NYSE Adv/Dec
2126/973, Nasdaq Adv/Dec 2355/1073
for another test of the session highs. A penetration on this attempt for the Nasdaq index would
initially target 1817 (50 day sma) with a secondary resistance at 1827 (50 day ema). Resistances for the
S&P index are at the top of the 1125/1127 resistance zone followed by 1130 (chart/50 day ema)
The Nasdaq has just crept to a
new session high as techs continue to
move higher, especially semiconductors
and software stocks. Index moved
through resistance at 1794 (20 day ema).
It's now testing solid secondary
resistance zone between 1800 and 1809
(chart/trendline/38% of Mar/Apr
slump)....In a mid-day note, Salomon
Smith Barney is out with several
Technical Upgrades today: IRF 2->1,
NSM 2->1, KLAC 3->1, AMAT 3->1,
INTC 4->3....Oil services sector making a
decent move this afternoon. ESV +6%,
BHI +5%, NBR +4%. These are big
moves for this group.NYSE Adv/Dec
2126/973, Nasdaq Adv/Dec 2355/1073
