Chart of the Day: Nasdaq Near Term Overbought

Monday, January 26, 2004 | 11:29 AM

The Nasdaq break out over the ascending triangle is a longer term Bullish sign. Short term, the Nasdaq appears to be over extended. Look for a pullback towards the red trendline.

Nasdaq Near Term Overbought
nasdaq_near_term_overbought.bmp
Source: Technimentals

A retracement towards the 2000 level, while staying above the red trend line, would provide a lower risk entry point.

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Quote of the Day:
“Despite the mania of the 1920s and the subsequent crash of 1929 into the 1932 low (a three-year decline much like March 2000 into March 2003), the market rallied for five years -- until 1937 -- before a new secular bull began in 1942. Bear market rallies are impressive. That's their job, of course, to convince the herd that the bear is dead.”
-Jeff Cooper

Monday, January 26, 2004 | 11:29 AM | Permalink | Comments (1) | TrackBack (0)
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Comments

A pullback? Everyone is saying that. Everyone is wrong (as usual). We keep going up...

Posted by: muckdog | Jan 26, 2004 4:02:20 PM

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