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The Weekly Report For April 13th - April 17th, 2009[/FONT]
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April 12, 2009- Market Summary
The rally continued this week, bring all four indexes well up above their lows March lows. All four indexes are steadily approaching their 200-day moving averages; and the S&P 500 and Russell 2000 are approaching influential levels of resistance. It seems that, at least in the short term, the rally should continue; however, be sure to protect your positions as the Dow, Russell 2000, Nasdaq 100, and S&P 500 approach their resistance. As was said last week, if these indexes manage to break through these influential levels, we may see a further upwards movement in the longer term. If not, then the legs may fall off what would be proven as a bear market rally. [/FONT][FONT=Arial, Helvetica, sans-serif]
Traders looking to get long in this market, should continue to be ready to take profits as the Dow approaches its 8300 level. Levels to watch for in the S&P and Russell remain at 875 and 475, respectively; while Nasdaq traders should be watching 1400. (To learn more about levels of resistance, be sure to check out the Support And Resistance section or our Technical Analysis Tutorial.)[/FONT][FONT=Arial, Helvetica, sans-serif]
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Have a Great Day!
Ayton MacEachern[/FONT][FONT=Arial, Helvetica, sans-serif]
Analyst, ChartAdvisor.com[/FONT]