Friday, September 14, 2007

Beware The ’Head and Shoulders’

NOTE: Please click on the charts below to enlarge them if they do not appear clearly.Stocks attempted to build on the previous day’s gains yesterday morning, but reversed course as the S&P 500 neared resistance of its 50-day moving average in the afternoon. Each of the major indices settled flat to modestly lower. The S&P 500 was unchanged, the Dow Jones Industrial Average slipped 0.1%, and the Nasdaq Composite declined 0.2%. The small-cap Russell 2000 fell 0.6%, but the S&P Midcap 400 lost only 0.1%. Intraday price action between the main indexes was divergent and choppy[...]

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[Source: The Money Blogs]

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