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Bull Market Still Alive
By Stock Charts | September 18, 2007
Despite all the recent subprime mortgage concerns, it is apparent that the bull sentiment is still very much alive as the Dow Jones jumped 335.97 - the biggest jump in nearly 5 years - following the Fed’s huge 50 basis point rate cut. While this action is largely symbolic in the short run, Bernarke and the Fed are sending a pretty strong signal that they are committed to maintaining a strong economy. With this afternoon’s jump, the Dow is once again heading towards all time highs. Here’s a look at the stock chart:
After the run up to 14,000, the market took a breather after the subprime mortgage problems began to surface, giving up almost all the gains since mid April. In mid August, the chart formed a hammer reversal and found support at the 200 DMA. Currently, the chart looks relatively healthy; MACD is turning up, and RSI not yet overbought. Resistance levels at 14,000.
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