Weekly Market Master Report - Lock 'N Load!

This is a discussion on Weekly Market Master Report - Lock 'N Load! within the General Trading Chat forums, part of the Reception category; The SPDR Dow Jones Industrial Average ETF (NYSE IA) lost 4.85 for the week ending July 2nd, 2010. This is ...

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Old Jul 5, 2010, 11:56pm   #1
Joined Jan 2009
Weekly Market Master Report - Lock 'N Load!

The SPDR Dow Jones Industrial Average ETF (NYSEIA) lost 4.85 for the week ending July 2nd, 2010. This is a decline of nearly 400 points on the actual Dow Jones Industrial Average index. It is safe to say the trend is down as it has been a violent decline since the April high. Many traders and investors are now looking at the head and shoulders top pattern that has now triggered. The measurement of that pattern should it play out to fruition will be a decline into the $84.00 - $85.00 area. That means that there is another 1000 points to go in order to satisfy this downside target on the Dow Jones Industrial Average index. Often when indexes or stock have such large targets they generally do not play out so quickly and will find support levels for bounces. Currently the DIA will have support around the $96.00 area. The next important support level for the DIA would be the $92.00 area. While the major market indexes look to be falling apart rarely will it occur when everyone is expecting it. Next week is going to be a critical time for the markets. This should be a summer to remember as major patterns and price levels are now in play.
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Amazon.com, Inc. (NASDAQ:AMZN) is leading technology stock and a leading online retailer. Therefore, this stock carries a lot of weight when looking at the overall health of the market. Last week AMZN lost 11.86 to close at $109.14. This is a major decline for the tech and retail giant. The stock will and does have some important support levels around the $106.00, $101.00 and $96.00 areas. Last week the $106.00 area was tested and held up with a slight bounce. Should this level break down and fail to hold the $101.00 area could come into play as a short term bounce area. It is important to remember that overall market weakness can cause any support level to fail.
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The leading financial stock in the market is Goldman Sachs Group, Inc. (NYSE:GS). When this stock was accused of fraud by the SEC in mid- April the stock market declines were not too far behind. GS and most other important financial stocks could catch a bid once the financial regulation bill is completed in Washington. At this time the stock is trading below the important $142.00 level. The next important support levels for the stock are $130.00, $125.00, and $118.50. Goldman Sachs can and will often lead the market. Therefore, should the stock bounce or catch a bid other financial stocks and sometimes the market indexes will also rally higher. The same can be said for the downside when it comes to this major financial giant.
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SanDisk Corporation (NASDAQ:SNDK) hit a wall a couple of weeks ago around the $50.00 level. The stock has sold off by nearly 10.00 points from the recent 52 week high reached on June 21, 2010. This company is still one of the leading technology stocks and still remains in a technical uptrend. Sandisk Corp is one of the rare few stocks that is still trading above its weekly 20, 50, and 200 moving averages. Therefore, this stock is a likely candidate to rally higher should the overall market indexes catch a short term bid. Sandisk Corp will have important support levels around the $41.00, $38.50, $35.00, and $31.90 levels.


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