Chart of the Week: Nasdaq - 6 Month Chart

Monday, May 23, 2005 | 11:40 AM

Last week, the Nasdaq Composite burst through what we described as a “confluence of technical factors:” 200-day moving average (1995), the downtrend line from the December highs (1996) and the 50% retracement of losses from March highs to April lows (also 1995).

Nasdaq - 6 Month Chart
click for larger graphic

Nasdaq_52305_2


Source: Gary B. Smith, RealMoney.com

The 2,000 resistance level now offers both psychological and technical support, and is approximately 2.5% below recent close. That is your new line in the sand - and your stop loss.

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Monday, May 23, 2005 | 11:40 AM | Permalink | Comments (1) | TrackBack (0)
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Comments

Barry,

From todays Market Soapbox "the line in the sand has either; already been reached or could be at Nasdaq 2125; NDX 1590, SP500 1215, DJIA 10725." From the 31st through June 7th, the market will attempt to make a new high.

Attempt is the operative word. I believe by mid June, the party will be over until mid August or September, when a flood of cash exiting the bond market slaughter will prime stocks for their annual Santa Claus rally till year end.

Posted by: The Nattering Naybob | May 27, 2005 6:19:44 PM

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