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Purely Technicals' Blog

Sectors to Watch Over the Coming Sessions

 

Purely Technical Nightly Commentary by TheMarketMessenger.com

Thursday, Jul 19 '07: 

The markets were generally higher today, with most indices finishing with gains of around 0.5% or so. The S&P-500 tested its intraday highs once again and wasn't able to close above that level, finishing just two points below it.

Last night - and on a couple of occasions recently - we highlighted the Utilities sector. It looks like the sector shifted into gear today and is possibly on its way to challenging the highs put in place a couple of months ago. Enough of that sector for the moment...

Tonight, we'll take a quick look at three other sectors that might have stories of their own.

The Dow Jones US Automobiles & Parts Index...

DJUSAP is still showing a rising intermediate uptrend. However, MACD has been showing a negative MA crossover and RSI a negative divergence, as of a couple of days ago. The centerline on RSI may yet support the minor trend, but failing that a retesting of the intermediate trendline might be on the cards.

The Dow Jones US Media Index...

 

DJUSME found support from the MACD centerline between early-June and early-July and, as of today, has broken major resistance. Given the coiling in price action over the past few months, one might well make the case that this sector is ready to make big strides over the coming months.

The Dow Jones US Insurance Index...

DJUSIR has been in a minor downtrend for nearly two months now. RSI and MACD are trading below their centerlines. So, all in all, momentum is (or has been) with the bears, over the short-term.

However, the index is showing a potential falling wedge and may be finding support from the old resistance level (Feb-highs). This sector might be a turnaround candidate, especially if the falling wedge can be broken pronto.

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For more detailed analysis of the markets, stock trading picks, options trading picks provided through the use of a purely technical approach, visit www.themarketmessenger.com - We Have Ears on the Markets!

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Goodnight!   

Asher Pinto

TheMarketMessenger.com

Published Friday, July 20, 2007 2:47 AM by Purely Technical
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Purely Technicals' Blog
"Show me the charts, and I'll tell you the news" ... so goes the timeless trading adage. At TheMarketMessenger.com, we let the charts do the talking and after listening to them closely...

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