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Chart of the Week: Nasdaq Breaks its Downtrends

Posted By Barry Ritholtz On June 28, 2004 @ 11:00 am In Finance | Comments Disabled

From when the Composite peaked on January 26, to the May 17 lows, the Nasdaq has been trying to fight through a stubborn downtrend line. It finally managed to break through last week.

Nasdaq Breaks its Downtrends
nasdaq_june_2004

Source: StockCharts [1]

With the down trend cleanly broken, the path of least resistance remains northwards. The next two resistance levels are 2055, and 2080 respectively.

Random Items:
Study Finds Housing Not a Bubble [2]
Ready for $60-a-Barrel Oil? [3] (not me)
U.S. Productivity Is Booming, with No End in Sight [4]
Getting More Out Of Gmail [5]
Making Torture Legal [6]
Mistakes Loom Large as Handover Happens [7]

Quote of the Day:
“Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan.”
-Tom Landry [8] (Head Coach, Dallas Cowboys 1960-1988)


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

URL to article: http://www.ritholtz.com/blog/2004/06/chart-of-the-week-nasdaq-breaks-its-downtrends/

URLs in this post:

[1] StockCharts: http://stockcharts.com/def/servlet/SC.web?c=$COMPQ,uu[l,a]daclyyay[dc][pb50!b200][vc60][iUb14!La12,26,9]&pref=G

[2] Study Finds Housing Not a Bubble: http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_baum&sid=aLcOStm9Vkyg

[3] Ready for $60-a-Barrel Oil?: http://www.nationalreview.com/ledeen/ledeen200406220842.asp

[4] U.S. Productivity Is Booming, with No End in Sight : http://www.bernstein.com/Public/story.aspx?cid=1432

[5] Getting More Out Of Gmail: http://justinblanton.com/archives/2004/06/20/getting_more_out_of_gmail/

[6] Making Torture Legal: http://www.nybooks.com/articles/17230

[7] Mistakes Loom Large as Handover Happens: http://www.washingtonpost.com/wp-dyn/articles/A54294-2004Jun19.html

[8] Tom Landry: http://football.about.com/cs/legends/p/tomlandry.htm

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