Paul Shread

With volume rising on a down day and stochastics on all indexes overbought, the technical picture deteriorated today. The Dow (first chart below) held 7900 support today. If that goes, 7750-7775 is critical. First resistance is 7975-8000. The S&P (second chart) has support at 835 and 827, and resistance at 842-843 and 850. The Nasdaq […]

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Stocks fell Wednesday on reports that the U.S. is tracking cargo ships that may be carrying Iraqi weapons of mass destruction and that Iranian troops had entered Iraq. The Nasdaq fell 12 to 1334, the S&P 500 lost 6 to 845, and the Dow declined 40 to 8000. Volume declined to 1.08 billion shares on […]

Volume was light again today, and no technical damage was done to the downside, so more upside remains possible. It is interesting to note, however, that stochastics on all the indexes have reached overbought levels (see charts below), which could limit upside. The Dow (first chart below) continues to look like a retracement after a […]

The indexes took out more resistance today – but once again the rally came on lower NYSE volume, suggesting that the rally is corrective. Up next is the critical 8150-8250 zone on the Dow (first chart below). If the index can clear that, we’d be impressed, but the low volume favors the rally failing in […]

Stocks rallied for a second day on Tuesday on hope that war with Iraq can be delayed or averted. The Nasdaq surged 36 to 1346, the S&P 500 climbed 16 to 851, and the Dow rose 132 to 8041. Volume declined to 1.19 billion shares on the NYSE, but rose to 1.32 billion on the […]

Stocks surged Friday on an unexpectedly upbeat UN report on Iraq inspections, gave back all the gains on concern about U.S. isolation on the international stage, and then somehow recovered to close at the highs of the day. The Nasdaq surged 32 to 1310, the S&P 500 rose 17 to 834, and the Dow soared […]

Stocks erased most of a steep decline on Thursday, as buyers overcame war fears long enough to send the indexes back to breakeven. Dell matched estimates after the close. The Nasdaq slipped 1 to 1277, the S&P 500 lost 1 to 817, and the Dow fell 8 to 7749. Volume rose to 1.47 billion shares […]

We’d like to get excited about today’s comeback, but the S&P (first chart below) ran straight into resistance at today’s high – the falling support that was broken yesterday – and then turned back down. That kind of action serves to reinforce the breakdown. If the index can clear that resistance at 821 tomorrow, it […]

Sun Microsystems this week unveiled the value-priced Sun StorEdge 3510 Fiber Channel array and 3310 NAS product, both of which are designed to provide best-in-class storage density, more standard ports for increased configurability, NEBS certification, and Mil-Spec compliance for broader flexibility in installation. “Sun continues to set the pace in the industry for open standards, […]

Terrorism warnings and rising tensions in Iraq and North Korea combined with downgrades and warnings to keep stocks under pressure on Wednesday. The Nasdaq fell 16 to 1278, the S&P 500 lost 10 to 818, and the Dow dropped 84 to 7758. Volume declined to 1.25 billion shares on the NYSE, and 1.22 billion on […]

The Dow and S&P (first two charts below) had clear closes below the falling trendlines that have acted as support the last two weeks. That opens the window for a big move lower, if sellers are so inclined, but so far there hasn’t been much volume on the downside, and even less on the upside. […]