WALL STREET : GDP Jump Propels DJIA to Weekly Win

Dow End Week With 3-Day Winning Streak
Tech stocks took the spotlight today, as traders reacted to last night's earnings reports from heavyweights Oracle Corp. (ORCL) and Research In Motion Limited (RIMM). The results were mixed; ORCL surged to a decade high after offering an upbeat outlook, while RIMM's lackluster forecast was greeted with a barrage of bearish brokerage notes. However, an upward revision to fourth-quarter gross domestic product (GDP) helped tip the scales in the bulls' favor, with the Commerce Department upping its growth estimate to 3.1% from 2.8%. As a result, the major market indexes ended the day -- and the week -- solidly north of key round-number levels, extending their winning streak to a third straight session.

The Dow Jones Industrial Average (DJIA – 12,220.59) ended on a respectable advance of 50 points, or 0.4%, as 16 of its 30 components trekked higher. IBM (IBM) and Chevron (CVX) set the pace for the rising blue chips, while Hewlett-Packard (HPQ) led the unlucky 13 laggards into the red. American Express (AXP) split the difference by finishing flat. The Dow wrapped up the week with an impressive gain of 3.1%, but the blue-chip barometer is still down 0.05% for the month of March. Nevertheless, the Dow ended well north of its 10-week moving average and the 12,000 level, both of which had been breached amid last week's market mayhem.

The S&P 500 Index (SPX – 1,313.80) managed a slim gain of 4.1 points, or 0.3%, to reclaim a foothold above its own 10-week moving average. The Nasdaq Composite (COMP – 2,743.06) didn't fare quite as well as its peers, eking out a 6.6-point rise, or 0.2%. The COMP closed just a hair's breadth below its own 10-week trendline. On a weekly basis, the SPX added 2.7%, while the COMP climbed 3.8%.

TECHNICAL ANALYSIS
Dow Jones Industrial Average
 The Dow closed higher on Friday as it extends the rally off last week's low. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off last week's low, this month's high crossing at 12,283 is the next upside target. Closes below the 10-day moving average crossing at 11,964 are needed to confirm that a short-term low has been posted.

First resistance is today's high crossing at 12,259.

Second resistance is this month's high crossing at 12,283.

First support is the 20-day moving average crossing at 12,048.

Second support is the 10-day moving average crossing at 11,964.

HAPPY WEEKEND