By Nicholas Santiago on July 26th, 2010 4:08pm Eastern Time
The major stock market indexes are advancing higher again today in a light volume Monday trading session. There are few notable catalysts for today's sharp advance. The first catalyst for the move higher today is the FedEx Corp guidance announcement. FedEx Corp raised estimates this morning and that is certainly helping to lift the entire Dow Jones Transportation Index higher. The other sector that is catching a bid higher is the entire energy sector.
Today two leading Dow Jones Industrial Average components that are helping the market rally are Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX). Both of these stocks are continuing to move higher today. When these two integrated oil giants rise or trade higher rarely will the markets sell off or decline. These stocks will both have good resistance levels coming up on the daily chart around 2.00 points higher from the current levels. Exxon Mobil Corp should have strong daily chart resistance around the $62.00 level. Meanwhile, Chevron Corp should have daily chart resistance around the $75.75 - $76.00 level.
In any case when these leading stocks trade higher together the major stock indexes will trade higher together. The same can be said when these two stocks trade lower, the stock market will usually trade lower as well. These two major energy stocks will have resistance soon and are likely to pullback from those levels. Learn to read the charts like the Pros and Profit like them for life!
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