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Strategies & Market Trends : Dave Gore's Trades That Make Sense
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To: Dave Gore who wrote (15)12/19/2001 10:25:20 AM
From: Dave Gore  Read Replies (1) of 16631
 
MARKET TECHNICALS REPORT FROM BRIEFING

Technical Levels : Since Monday, the Nasdaq has followed through to the upside as we expected. In fact, after successfully holding the area which bracketed its 200-day simple moving average and 20-day exponential moving average, the index has pushed right back up to the 2,000 level. From the point at which the buy wave started, 2,000 represents the first substantial overhead and it will be interesting to see how the index responds. From a strictly technical perspective, the outlook is less than self evident though we would lean towards favoring sideways to higher trade activity over the next several sessions (this morning's sell off notwithstanding). If the index should head lower, look for initial support around modest congestion at 1966 -- after that, the Nasdaq may find modest support at its 20-day EMA around 1953. Yet the real area to keep an eye on will be support at 1935. This is the level that held on the last sell wave and it also approximates the index' 200-day simple moving average as well as the lower end of its 10-day Bollinger bands. In the attached table, we identify the levels on which traders will focus for certain key names and indices. -- Mike Ashbaugh, Briefing.com
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