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Upcoming trading week forecast

Posted by Eric LeRiche | May 17, 2010 .

The overall technical condition of the major indexes continues to deteriorate. We are a little oversold on an intraday basis but not on a daily basis. Charts suggest downside to near the 200 day moving averages of the major indexes. (NYSE composite broke below it friday.) For the S&P 500, that stands at 1100 today. There was no panic in friday’s selling. It could be that panic has yet to come. It could also be that traders do not want to short on Friday pending weekend uncertainty.

This week is an options expiration week which typically has a positive bias. Statistically, Mondays also have a positive bias during the recent year. So it wouldn’t be a surprise if we get some sort of a rally on Monday. But look for more selling of the rally as the week goes on. At the same time, keep an eye on earnings from LOW on Monday, HPQ, HD and WMT on Tuesday, followed by AMAT and SNDK on Wednesday.
happy trading!!

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Posted under Financial Markets, Investing Tips, Investor Rules, Stock Market Investing | Comment Like this article? Subscribe to our RSS feed

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