Amateur Investors Weekend Stock Market Analysis for 4/30/06
The Dow and S&P 500 were basically flat this week while the Nasdaq came under some selling pressure. A longer term chart of the Dow shows that it has rallied back to a previous upside resistance area near 11400 which is where it stalled out three separate times in 2000 and 2001 after attempting to bounce from oversold conditions. The question at this point is will the Dow be able to break solidly above the 11400 leading to a move back to its all time high made in early 2000 near 11750?
As we have seen in the past the future price of Crude Oil may determine whether the Dow eventually rallies back to its all time high or not. The price of Crude Oil which broke above a previous upside resistance area just above 70 a few weeks ago pulled back some this week after rallying over $12 since mid March. However it appears the price of Crude Oil is finding support near its previous resistance level which also coincides with its 20 Day EMA as well.
Our complete stock market analysis can be found at
http://www.amateur-investor.net/Weekend_Market_Analysis_April_29_06.htm
Amateur Investors
As we have seen in the past the future price of Crude Oil may determine whether the Dow eventually rallies back to its all time high or not. The price of Crude Oil which broke above a previous upside resistance area just above 70 a few weeks ago pulled back some this week after rallying over $12 since mid March. However it appears the price of Crude Oil is finding support near its previous resistance level which also coincides with its 20 Day EMA as well.
Our complete stock market analysis can be found at
http://www.amateur-investor.net/Weekend_Market_Analysis_April_29_06.htm
Amateur Investors