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Aug 21st Market Overview

 
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arthur
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PostPosted: Sat Aug 21, 2004 3:30 pm    Post subject: Aug 21st Market Overview Reply with quote

Market Overview (Aug 21st)



INTC is the tech leadership stock. Over the past several months, since its peak in Jan, INTC led Nasdaq lower (after leading Nasdaq higher over much of 2003). The performance of INTC may continue to determine future market direction. INTC's MACD made a higher low recently, which is bullish, and stochastics (Full STO) may indicate an upturn (at least within a few months, since after heavy selling, there may be selling on bounces, for a while). I suspect, the 50 day MA will be resistance, at least for another month or two. If INTC continues to stay low, and bounce on light volume or into selling, then I expect the rest of the market to fall lower, to catch-up to INTC. I believe, when INTC leads the market higher, then that's when a market rally will become sustainable.
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