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Strategies & Market Trends : Ask DrBob
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To: Drbob512 who started this subject7/27/2001 11:20:42 PM
From: antman2182   of 100058
 
The Nasdaq Composite has been far and away the leader with a gain of less than two percent while the Dow is off roughly 1.5% and the S&P is down approximately 0.5%. Despite the overall lack of movement, the Nasdaq has actually put together a solid performance from a technical perspective. First the index was able to hold above its three month low established just last week at 1934 and second it may have ended the pattern of lower lows which is an indication of an established downtrend. Clearly there is significant work to do just to neutralize the generally negative (but slow moving) trend that has dominated since the May high. The first step is to work through its 20/100 day simple ma on a sustained basis at 2035 and 2050, respectively, with the next step a run beyond the trendline off of the May/June/July highs which comes into play at 2076 on Monday (dropping roughly 5 points per day meaning at 2066 Wednesday). Intraday indicators are already overextended in the wake of the recent three day upswing suggesting a corrective pause is due. Daily indicators are still in the bullish camp and as long as the recently pivotal area near 2007/2000 and the secondary floor near 1985 hold during any pullback the index will remain in position for another rally attempt. As mentioned the Dow has underperformed but it has staged a solid push after a checkback (initially clears then pulls back and retests) of trendlines. The first is off the June/early July highs and the second is off late 1994 and the 1998 lows. The index will have to sustain an advance to and through a number of moving averages (20/100/200) and chart congestion (top of this zone near 10,580/10625) to improve its underlying tone
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