Chart of the Day: Nasdaq (6 Months)

Tuesday, May 17, 2005 | 03:51 PM

The Nasdaq Composite is nearing a confluence of several technical factors. We see initial resistance at the 200-day

moving average (1995). The downtrend line from the December highs is at 1996. Further, the Nazz has retraced 50% of the losses from the March highs to the recent lows, near 1,995.

Nasdaq - 6 Month Chart
click for larger chart

Nasdaq_6_mos_51705

Source: Mike Panzner, Rabo Securities

The 2,000 resistance level also offers psychological resistance, and is the bottom of the prior trading range’s support (now resistance). The Odds favor a short-term pullback.


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Quote of the Day

"In the stock market those who expect history to repeat itself exactly are doomed to failure."

-Yale Hirsch

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Tuesday, May 17, 2005 | 03:51 PM | Permalink | Comments (0) | TrackBack (0)
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