Chart of the Week: Nasdaq Support

NASDAQ closed right near minor resistance just above 2,020. Secondary and more important resistance for this snap back rally would occur near the 2,050 level.

Nasdaq Composite Daily Chartnasdaq_support.bmp
Source: Technimentals

NASDAQ reversed course right in and around the 2000 level. However given weak momentum and internals we would watch these levels support levels – closely any violation would exaggerate the current corrective activity.

Random Items:

Fed’s Gramlich Sees Deficits Threatening Economy
Calpers to Eisner: Drop Dead!
Talking Sense about Outsourcing
U.S. Senators’ Stocks Beat the Market by 12 Percent (Amazing!)
Waiting For The Heads to Roll
Last Laugh

Quote of the Day:
“Everyone wants to make the same three things: money, a name, and a difference. What creates diversity in the Human race is how we prioritize the three.”
Roy H. Williams

Read this next.

Posted Under