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Chart of the Week: Nasdaq 3 Year Daily Chart

Posted By Barry Ritholtz On May 9, 2005 @ 1:20 pm In Markets | Comments Disabled

Technimental’s [1] Doug Lomma notes that the weakened internal picture and various broken support
levels on the major indices makes it hard, even with present oversold
conditions, for the markets to make major headway. The length of the current
rally suggest the neutral shift most likely will play out with a deeper
correction, after we finish this oversold bounce.

Nasdaq 3 Year Chart
click for larger graph

Nasdaq_3_year_050905 [2]

Source: Redwood
Technimentals

NASDAQ has broken an uptrend line (red line) and still
remains below a downtrend (green line) and resistance (blue line) – So although
oversold it will take a good move above 2,000 on better internals and volume to
make this more than a bounce.

>

Random Items: [3]

‘Hitchhiker’s Guide’ to asset allocation [3]

The Perfect Storm That Could Drown the Economy

[4]

“I Want My Safety Net” [5]

Why Taiwan Matters [6]

Tug of War: Intelligence vs. Politics [7]

What the “long tail” means for the economics of e-commerce

>

Quote of the Day:
>
"Become more humble as the Market goes your way."
~ Bernard Baruch [8]
>>  [8]


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

URL to article: http://www.ritholtz.com/blog/2005/05/chart-of-the-week-nasdaq-3-year-daily-chart/

URLs in this post:

[1] Technimental’s: http://www.redtechresearch.com/research/php/methods.php

[2] Image: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/nasdaq_3_year_050905.jpg

[3] : http://www.marketwatch.com/news/story.asp?guid=%7BA6E7DC6A%2D00E8%2D4271%2D9D98%2DCC9176BE2E7B%7D&siteid=mktw&dist=

[4] : http://nytimes.com/2005/05/08/weekinreview/08gross.html

[5] “I Want My Safety Net”: http://www.businessweek.com/magazine/content/05_20/b3933001_mz001.htm?campaign_id=nws_insdr_may6&link_position=link1

[6] Why Taiwan Matters : http://www.businessweek.com/magazine/content/05_20/b3933011.htm

[7] Tug of War: Intelligence vs. Politics: http://www.nytimes.com/2005/05/08/politics/08bolton.html

[8] Bernard Baruch: http://www.amazon.com/exec/obidos/ASIN/0471170755/thebigpictu09-20

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