Chart of the Week: Nasdaq 100 Channel
Nasdaq remains trapped within a relatively tight range, having held yet again in the pivotal support zone. Note this is the first break below the bottom trendline since the rally began. The market needs to show some resilience here, or suffer the bearish consequences.
Nasdaq 100 Channel
Source: CS First Boston
Failure here would complete a significant top, and could move the market lower. Given recent moves in the Nasdaq/S&P ratio (lower chart), the recent top is likely to stay in place. Expect recent Nasdaq underperformance trends to remain.
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Monday, March 01, 2004 | 12:16 PM | Permalink
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Comments
The bear is dead!
Surely you remember the pivotal 950 level on the S&P 500? We bounced off of it immediately following 9/11 and managed to stay above it for a whole 9 months before being mauled down to 800.
While the US has been partying like it is 1999 with the S&P consistently making 'new highs', I have a nagging suspicion that much of the REST of the world is not so convinced in this “rally”. In fact, as we finally cleared the 940 level today and approach that pivotal 950 level on the S&P 500 again ( valued in Euros that is... ) Many an international investor just might start thinking hmmmm.
Do I really want to be long here?
Posted by: Joseph Rivera | Mar 2, 2004 6:20:10 PM
