Market Flat -- Technical Analysis April 23

Technical

The indices (DJIA 7806, S&P 843) closed again within the ill defined trading range of the last three weeks that has been centered on the March highs (7949, 834). For the moment, DJIA 8401, S&P 876 marks a short term resistance level while the only clearly defined support level is the March lows (6432, 666).

I don't think it unreasonable to assume that we will get a correction at some point; and frankly from a strictly technical point of view, I think it would be a positive because it would provide a much needed test of
the 6432, 666 support level.

That said, for the moment stocks appear to be stuck in what has been the fairly narrow though not very well delineated trading range of the last couple of weeks.






Steve's email version.

Technical
>
>
>
> The
> indices (DJIA 7806, S&P 843) closed again within the ill
> defined trading
> range of the last three weeks that has been centered on the
> March highs (7949,
> 834). For the moment, DJIA 8401, S&P
> 876 marks a short term resistance level while the only
> clearly defined support
> level is the March lows (6432, 666).
>
>
>
> I
> don?t think it unreasonable to assume that we will get a
> correction at some
> point; and frankly from a strictly technical point of view,
> I think it would be
> a positive because it would provide a much needed test of
> the 6432, 666 support
> level.
>
>
>
> That
> said, for the moment stocks appear to be stuck in what has
> been the fairly
> narrow though not very well delineated trading range of the
> last couple of
> weeks
>