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

Nasdaq_6_mos_51705

Source: Mike
Panzner, Rabo Securities

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.

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Quote of the Day

"In the stock market those who expect history to repeat
itself exactly are doomed to failure."

-Yale Hirsch

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Category: Economy, Markets

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