PeakTrader.com Forum Index PeakTrader.com
Economics, Portfolio Optimization, and Technical Analysis
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 
Log inFast Charts

Nasdaq

 
Post new topic   Reply to topic     PeakTrader.com Forum Index -> Market Forecast
View previous topic :: View next topic  
Author Message
arthur
Guest





PostPosted: Fri Jan 21, 2005 9:24 pm    Post subject: Nasdaq Reply with quote

SPX closed at about 1,168 Fri, after a three week downtrend, in Jan. A close below 1,160 may be very bearish, since that would break the bullish trend, created by multi-year resistance (which is strong resistance) being broken. However, there may be little downside remaining. The daily chart shows Nasdaq rallied from 1,750 in Aug to 2,190 on the first trading day in Jan, i.e. about 450 points. Nasdaq closed at 2,034 Fri and it's already down about 7.2%, i.e. over 150 points, in Jan. Major support is at 2,023 (61.8% Fibonacci level) and at its 200 day MA, which is rising, currently at 1,976. Consequently, Nasdaq may not test the 50% Fibonacci level at 1,971, during this correction. So, 2,023 and over 1,976 are major support levels. Short-term major resistance is at 2,070, which is the large gap created Thu morning, and the 20 and 50 day MAs at just over 2,110. However, it's possible, Nasdaq will test the 50% Fibonacci level at 1,971 quickly, e.g. next week, and then be in position to rally to 2,100 quickly (since Fibonacci levels tend to work well with Nasdaq). It's more likely, nonetheless, that a trading range will continue, short-term, although the downtrend may not be over.

Additional support is shown on the monthly chart. The 10 month MA currently at 1,985 and the uptrend line from the post-bubble low in 2002 currently at 1,925. The 80 month MA currently at 2,237 continues to be major resistance.



Back to top
Display posts from previous:   
Post new topic   Reply to topic     PeakTrader.com Forum Index -> Market Forecast All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by PeakTrader 2.0.8 © 2001, 2002