Weekend Market Analysis for 6/24/06

Next week we have a Federal Reserve meeting and also it will be the end of the 2nd Quarter so I expect we will see an increase in daily volatility starting next Wednesday which will continue through Friday.

The Nasdaq has been in a short term trading range after the big move upward seven trading days ago and has encountered resistance at its 20 day EMA (blue line) near 2145 while finding support just above the 2100 level. Next week I would look for one of two things to occur. If the Nasdaq can rise above the 2145 level then it may quickly rally back to either its 50 Day EMA (green line) near 2200 or its 200 Day EMA (purple line) just below the 2220 level. Meanwhile if the Nasdaq breaks below the 2100 level the look for it to retest the low made a few weeks ago near 2065.

















To read our complete Market Analysis for this week click on the link below.

http://www.amateur-investor.net/AII_Weekend_AnalysisJune_24_06.htm