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Chart of the Day: Nasdaq Near Term Overbought

Posted By Barry Ritholtz On January 26, 2004 @ 11:29 am In Finance,Media | Comments Disabled

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
Source: Technimentals [1]

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

Random Items:
Temp Hiring Signals Economic Recovery [2]
ARCH ENEMY: Super Size Me [3]
Seven earnings reports that matter [4]
Doing Business With The Enemy [5]
The Bagel and the Index Fund [6]
China-US: Double bubbles in danger of colliding? [7]

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 [8]

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/01/chart-of-the-day-nasdaq-near-term-overbought/

URLs in this post:

[1] Technimentals: http://www.technimentals.com/cgi-bin/mesh

[2] Temp Hiring Signals Economic Recovery: http://www.forbes.com/feeds/inc/2004/01/19/inctemphiring.html

[3] ARCH ENEMY: Super Size Me: http://www.nypost.com/entertainment/16393.htm

[4] Seven earnings reports that matter: http://money.cnn.com/2004/01/22/markets/earnings/index.htm

[5] Doing Business With The Enemy: http://www.cbsnews.com/stories/2004/01/22/60minutes/main595214.shtml

[6] The Bagel and the Index Fund: http://www.businessweek.com:/print/bwdaily/dnflash/jan2004/nf20040120_6180.htm?db

[7] China-US: Double bubbles in danger of colliding?: http://www.atimes.com/atimes/Global_Economy/FA23Dj01.html

[8] Jeff Cooper: http://www.thestreet.com/p/rmoney/marketreport/10139135.html

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