You are currently browsing the The MPT Rating weblog archives for the day 23. July 2008.
23. July 2008 by admin.
Wednesday,
Nice consolidation today with Oil falling further…
The DJIA gained another 29 points today putting in more consolidation at this level than upward advance… consolidation can last for a few days, but I would continue to bet in favor of the bulls here the DJIA has still yet to reach the upper BB line and I would look for that in the near future… the RSI Indicator is currently at 52.31 so I would be a buyer of any pullback here in quality oversold opportunities.
The NASDAQ gained 21 points for the day but also formed a weak inverted hammer on the chart so we could see more consolidation here but the gap down at about 2370 still needs to be filled and I would continue to load up on quality stocks at quality entry points in this market.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market and where support/resistance is tells came in at (02) which is our weakest bear reading and any short-term selling is likely to be used as a buying opportunity here.
As Always; Be Smart, Be Patient, & You Will Be Successful.
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