Paul Shread

The S&P 500 (first chart below) is closing in on a nice support level: 883, which marks the .382 retrace off the October low, and is also a nice chart support level, with a rising trendline off the late October and mid-November pullbacks. Resistance is 900-903 and 912. However, the S&P and the Dow (second […]

Today’s pullback didn’t cause any technical damage, but the rising volume on the NYSE is cause for some concern. We’d like to see the Dow and S&P (first two charts below) hold near today’s lows, specifically 8518 on the Dow and 898 on the S&P. Below those levels the bounce off Friday’s lows would begin […]

Stocks gave back some of Monday’s strong gains on warnings from McDonald’s and Target and a new low for the greenback. The Nasdaq lost 8 to 1392, the S&P 500 declined 7 to 902, and the Dow fell 92 to 8535. Volume rose to 1.26 billion shares on the NYSE, but declined to 1.34 billion […]

Wall Street got an early start on a year-end rally on Monday after Lehman Brothers raised its U.S. equity exposure. The Nasdaq surged 37 to 1400, the S&P 500 gained 20 to 910, and the Dow rose 193 to 8627. Volume slipped to 1.24 billion shares on the NYSE, and 1.41 billion on the Nasdaq. […]

A surprising bounce today, even though it came on lower volume than Friday’s decline. Nonetheless, the indexes were able to recover a number of breakdowns and overcome resistance, so the year-end rally may have started. We would prefer a low to come this Friday, but there’s no arguing with today’s breakouts. Now they have to […]

The Nasdaq (first chart below) gapped down out of a bear flag this morning and kept going, closing just above 1361 support. The breakdown gives the index downside potential to 1240-1260, which is also the top of multiple gaps from mid-October. Possible support levels are 1357, 1347 and 1319. Resistance is 1388-1400. The index also […]

Stocks had plenty of reasons to fall on Friday: rising oil prices, a falling dollar, deflation fears sparked by falling producer prices, and worries about the health of the chip sector. The Nasdaq fell 37 to 1362, the S&P 500 dropped 12 to 889, and the Dow lost 104 to 8433. Volume rose to 1.27 […]

While 2002 may be a year to forget for the rest of the IT industry, it was one to remember for Grid computing vendors. Boosted by IBM’s embrace of Grid technology, Grid computing vendors saw deployments soar this year. The number of announced Grid deployments from private Grid vendors (Avaki, DataSynapse, Entropia, Platform Computing and […]

Stocks reflected the mixed news reports on Thursday: better than expected earnings and retail sales, negative employment data, and fears that Al-Qaeda may have obtained chemical weapons from Iraq all competed for traders’ attention. The Nasdaq gained 2 to 1399, the S&P 500 lost 3 to 901, and the Dow fell 50 to 8538. Volume […]

Since the market began its oversold bounce a few days ago, stocks haven’t gone very far and volume has declined. This consolidation at the bottom of a big decline suggests that this correction may have another leg down. The Nasdaq (first chart below) is forming a potential bear flag the last few days. For tomorrow, […]

The Nasdaq 100 (first chart below) was stopped at critical 1050 resistance today. 1030, 1019 and 1014 are support. The Nasdaq (second chart) faces resistance at 1400 and 1426, and has support at 1378, 1367 and 1361. The Dow and S&P (third and fourth charts) put in uninspiring candlesticks today; a down day tomorrow following […]

The stock market managed a small gain on Wednesday despite gloomy comments from Intel and a warning from Kimberly-Clark. The Nasdaq gained 5 to 1396, the S&P 500 rose half a point to 904, and the Dow added 14 to 8589. Volume rose slightly to 1.27 billion shares on the NYSE, but declined to 1.42 […]