Chart of the Week: Nasdaq – 6 Month Chart

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


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What's been said:

Discussions found on the web:
  1. The Nattering Naybob commented on May 27


    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.

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