Archive for July 7th, 2010

Mortgage Purchase Applications Continue to Trend Lower

| July 7, 2010

The Mortgage Bankers Association reported that their Purchase Index decreased 2.0% last week and has now declined eight of the last nine weeks to the lowest level since 1996, as shown on the following graph from Calculated Risk. The drop in purchase applications following the expiration of the home buyer tax credit in April has […]

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Stocks Rally off of Recent Lows

| July 7, 2010

The violent, oversold reaction that we have been expecting finally materialized today as the S&P 500 index surged over 3%, returning to previous congestion support at the February low of the cyclical uptrend from early 2009. This developing rally should not be able to break above congestion resistance in the 1,104 to 1,110 range, and […]

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Short-term Forecast for July 7, 2010

| July 7, 2010

Stock Chart Analysis Synopsis: The S&P 500 index closed sharply higher today, reacting off of recent lows of the violent downtrend from April and signaling the likely start of a short-term, oversold rally. Technical Analysis: Technical indicators are slightly bullish as price action moves higher in the lower Bollinger band, money flow holds near recent […]

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