Chart of the Day: Nasdaq (6 Months)
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
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.
Quote of the Day
"In the stock market those who expect history to repeat itself exactly are doomed to failure."
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