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How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Charts Bullish

Stock-Markets / Stock Markets 2011 Feb 01, 2011 - 02:50 AM GMT

By: Profit_Confidential

Stock-Markets

George Leong writes: For the fourth consecutive day, the DOW broke above 12,000 intraday on its chart, but failed to hold on. I feel it will just be a matter of time before the index will close above 12,000. The last time the DOW closed above 12,000 on its chart was June 19, 2008.

The S&P 500 is also at a critical point on its chart and broke above the key 1,300 level intraday on Thursday before closing below. A strong break at 1,300 could propel the index towards 1,400.


Markets continue to be positive in January. With two trading sessions remaining in January, it looks like a positive month for the S&P 500, which most likely sets the scene for additional gains in 2011. Technically, markets remain bullish, but overbought.

The sentiment indicators continue to be bullish as shown by the new-high/new-low (NHNL) ratio.

The trend of the NYSE NHNL had been edging higher, with 134 of the last 140 sessions bullish. The near-term trend is positive.

In the technology area, 93 of the last 98 sessions have been bullish.

Read my near-term technical assessments below.

NASDAQ

The near-term technical picture is moderately bullish on above-neutral Relative Strength (RS), so there could be more upside gains in the near term. The index is above 2,700 and is holding well above its chart top of 2,320.

The NASDAQ is holding above its 50-day moving average (MA) of 2,621 and 200-day MA of 2,393. The 50-day MA is above the 200-day MA.

Watch, as the index is overbought.

DOW

The near-term technical picture for the DOW is bullish, with above-neutral RS, so there could be additional gains in the near term. Watch for a close above 12,000 on the chart.

The index is above its 50-day MA of 11,442. The 50-day MA is holding above its 200-day MA of 10,793.

Watch, as the index is overbought.

S&P 500

In the broader market, the near-term technical signals for the S&P 500 are bullish on above-neutral RS, so there could be more gains. The 1,300 level is critical.

The index is above its 50-day of 1,237 and 200-day MA of 1,153. The 50-day MA is above its 200-day MA.

Watch, as the index is overbought.

RUSSELL 2000

The near-term picture for the Russell 2000 is bullish on above-neutral RS, so watch for some more gains to above 800. The index trades with the economy.

The index is above its 50-day MA of 759 and the 200-day MA of 686.

Watch, as the index is overbought.

SHANGHAI COMPOSITE INDEX

The direction of stocks will largely be dependent on what happens in China this year. There is fear of slowing triggered by higher interest rates and tighter loans. China is critical to the global economies, so what happens here needs to be monitored.

The Shanghai Composite Index (SCI) continues to hover around 2,700. The index is holding at a key level above its previous sideways channel between 2,575 and 2,700.

Overall, unlike 2009, the SCI continues to lag the U.S. indices this year, down 1.99% in January.

By George Leong

http://www.profitconfidential.com

We publish Profit Confidential daily for our Lombardi Financial customers because we believe many of those reporting today’s financial news simply don’t know what they are telling you! Reporters are trained to tell you the news—not what it can mean for you! What you read in the popular news services, be it the daily newspapers, on the internet or TV, is the news from a “reporter’s opinion.” And there’s the big difference.

With Profit Confidential you are receiving the news with the opinions, commentaries and interpretations of seasoned financial analysts and economists. We analyze the actions of the stock market, precious metals, interest rates, real estate and other investments so we can tell you what we believe today’s financial news will mean for you tomorrow!

© 2011 Copyright Profit Confidential - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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