Wang’s Happy Trading

This coming week could be a very crucial week for the markets. It is the end of the month, and end of the quarter. And, earning season is just around the corner. Plus, we have the FOMC meeting results on the 28th. Let’s look at some weekly charts:

SPX

SPX has been range-bound for 4 weeks, with a lot of volatility. The weekly MACD is barely positive and it needs to bounce right here to keep the bias on the bullish side.

Nasdaq

Nasdaq’s chart is still looking bullish, but, it really needs to go above and beyond the 1565-1625 range to give investors more confidence. SOX, telecoms, and the Internets have been acting pretty well, but, the biotechs are weak. Still, I’m looking for the techs to lead if this bull run continues.

BTK

BTK’s weekly chart has deteriorated in the past few weeks. It closed last week below the 780 support. Let’s see if it can bounce off in the coming week, or we might be looking at the next support, which is at 750.

XME

Another sector that’s been having a hard time is the metals & mining. XME closed below its 10-week MA and the weekly MACD just went negative. More M&A deals may help to give this sector a jump-start on the bounce.

GOOG

GOOG has been riding its weekly chart up and can go up a lot higher from here. On Friday, EBAY said that it will return to Google Advertising. So, keep a close watch on GOOG. It might just help to inspire a market rally.

For the coming week, let’s watch what the markets do Monday and Tuesday. If the markets intend to get their next leg up started, we should see some buying to prevent the major indices and ETFs from futher slides. Please check back here for daily updates (You can also have new posts delivered FREE, directly to your email.). Be careful on Thursday and Friday and the FOMC meeting would likely bring even more volatility.

Hope you’ve had a great weekend!

Good night and HappyTrading! ™