SubscribeUpdate on the Indexes
July 21st, 2006 • Related • Filed Under
Overall uncertainty regarding recent events in the Middle East continue to worry investors as they stay on the sidelines for further guidance and place further pressure on securities across the board.
- Dow Jones Industrial Average (DJIA) – Sell signal since May 15, 2006 – appears to be in tact with no signs up letting up. I also do not see any divergences on the Relative Strength Index (RSI)
- Nasdaq Composite (NASDAQ) – Sell signal since April 25, 2006 – now showing signs of an accelerated downtrend via bollinger band breakout and a lower low through resistance levels set in October of 2005. Next levels of major support at 2000 and 1900.
- S&P 500 (SP500) – Sell signal since May 1, 2006 – continually testing major support at 1230, looking oversold which is good news for a leading index.
I recommend staying on the sidelines and placing capital in a high yield savings account until we get past September and October.
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