I did technical analysis of stock market yesterday. I went through charts of all major indexes I monitor. This is my opinion about them.

Most bullish is Nasdaq 100 index.There are higher highs and higher lows on weekly chart. What is interesting on this chart that resistance near 2200 points could be last level before strong move up. If you look to history you can find that last and strongest move of 2000 bubble started right after breakout of 2200 level. So if Nasdaq 100 index will be able to manage this breakout , we can see similar “bubble” uptrend like in 2000.

Dow Jones and SP500 are in the middle of their ranges of last 6 month move. They look more bearish then bullish. Dow Jones industrial has head and shoulders chart pattern on its weekly chart.

Most bearish from my point of view is Rusell 2000 (small cap index). It has broken major support level (now resistance) in 780 -800 area. I expect it will go down to next 680-700 support level (I have to prepare some ETF short swing trade setup)

This entry was posted on Sunday, December 30th, 2007 at 12:31 pm and is filed under Stock market chart analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.