Paul Shread

This is pretty much what we’d like not to see: supports are breaking and then becoming resistance on the upside — that pretty much defines a downtrend. The Nasdaq (first chart below) would end any hope of reestablishing its August uptrend with another down day tomorrow. Resistance is 2080-2083 and 2095-2100, and support is 2066-2068 […]

Blow-out results and guidance from Apple did little to help the broader market Thursday, which remained under pressure on concern about oil prices and interest rates. Apple came within 1% of its all-time high set in March 2000 after the company made a mockery of Wall Street estimates with strong iPod and Mac sales. The […]

The Nasdaq (first chart below) broke down again today — and managed to recover again today too, with a nice-looking bullish hammer candlestick and an “outside day” eclipsing yesterday’s trading range. Once again, however, we need to see follow-through. Resistance is 2100, 2109 and 2125, and support 2087-2088 and 2066-2070. The S&P 500 (second chart) […]

Apple delivered the earnings surprise of the season after the close on Wednesday, releasing results that far surpassed Wall Street estimates. Apple’s earnings of 70 cents a share blew past 48-cent estimates, and revenues soared 74% to $3.49 billion, well above $3.15 billion forecasts. The company reported better than expected margins of 28.5%, and also […]

The Nasdaq (first chart below) is hanging on by a thread here; it needs to turn up tomorrow. Resistance is 2087-2088, 2100, 2107 and 2120, and the next support zone is 2040-2060. The S&P 500 (second chart) is also looking a little shaky here. Support is 1180, 1172-1175 and 1160-1163, and resistance is 1185-1186 and […]

So far, the indexes are doing nothing more than consolidating at the lows, as every bounce gets sold. The Nasdaq (first chart below) is so far holding its final uptrend line from August, but the techs are still looking for buyers. 2083 is critical support, and 2115-2120 is resistance. The S&P 500 (second chart) is […]

Intel will deliver the first major report of the earnings season Tuesday night, and the chip giant’s results are expected to show the effects of a year-long inventory correction. Intel is expected to report fourth-quarter earnings of 31 cents a share, down from 33 cents in the year-ago quarter, reflecting falling margins and pricing pressures. […]

Cisco and EMC have extended their partnership to include an end-to-end storage consolidation solution for remote-office data. By combining Cisco’s wide area file services (WAFS) technology acquired from Actona with EMC’s network attached storage (NAS) solutions, the two say they will offer an integrated solution to consolidate branch office data into the data center, allowing […]

The Nasdaq finished the first week of 2005 still looking for its first gain, but Accenture and DoubleClick bucked the downtrend on strong earnings news. Accenture gained almost 5% after the company reported quarterly earnings of 32 cents a share, a penny ahead of estimates. Revenues rose 14% to $4.07 billion, well above forecasts. Shares […]

The Nasdaq (first chart below) is so far hanging on between two uptrend lines from August; whichever line the index breaks through could be the key. 2080 is critical support, and 2115 is critical resistance. The index is deeply oversold; can the big jobs report tomorrow provide a bounce? The S&P 500 (second chart) has […]

Shares of Symantec and Veritas fell 7% each Thursday after analysts expressed skepticism about the company’s proposed merger and concern about looming antivirus competition from Microsoft . CS First Boston and Morgan Stanley downgraded shares of Symantec on concern about the company’s ability to pull off the largest-ever software merger in the face of rising […]

The Nasdaq (first chart below) lost both its main August uptrend line and 50-day moving average today. The techs have one last chance to re-form that line, at about 2075 for tomorrow. Resistance is 2100-2110. The S&P 500 (second chart) is also slicing through support, with 1180 a critical level for tomorrow. Below that, 1172-1175 […]