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


Source: Gary B.

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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of the Day:

"One of the funny things about the stock market is that
every time one person buys, another sells, and both think they are astute.
"  -William Feather


Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Chart of the Week: Nasdaq – 6 Month Chart”

  1. 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.