Video Stock Market Technical Analysis Review 10/1/07

The Nasdaq 100 continues to grind higher as it makes new highs day after day, but more impressive was the action in the Russell 2000. The 200 day MA near 80.00 has been the key level for the IWM and today it convincingly moved off that level and pushed past the level (81.00) where I thought the buyers would confirm their control of that market. Even the semiconductors saw buying that pushed them past recent resistance. The SP100 made a new high today and the SPY needs a close above 155.07 for a new closing high. As I have been stressing, the markets are extended and that makes them ripe for a pullback, but it is a fools game to try to pick the top.