Technical Analysis Stock Market Video Review 8/2/07

For the majority of the day, it was very choppy trading, but the market did hold onto the pattern of higher highs and higher lows intraday as it battled with the 5 DMA and the trendline from the recent downtrend. The buyers were able to finally push the market past resistance and we finished with a fairly good gain. For now it appears the buyers are back in control…for now. I think we could see a few days of continued strength but I will remain very suspicious as there are many key moving averages which are now trending lower.