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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject1/7/2002 11:15:14 AM
From: StormRider   of 37746
 
Technical Levels : When we reviewed the Nasdaq last week, we were watching for it to break one of two levels before the short-term direction was clear. As it turns out, the index broke above congestion at 1980 which was our near-term signal for additional upside. So with the index currently resting at 2059, what are the levels of interest at this point? To the downside, keep an eye out for near-term support in the range of 2044/2050 with subsequent major support right around 2000 (and several less important support points between the two). To the upside, look for important resistance in the range of 2100/2103 which approximates the July and August highs for the index. There is also one last point worth mentioning. Barring a substantial sell off on the Nasdaq, the index is probably just a few days from a bullish 50/200-day moving average crossover -- this where the 50-day simple moving average crosses up through the 200-day moving average. The Nasdaq's 200-day moving average currently stands at 1927 while its 50-day moving average rests at 1905. So whether the index has run "too far too fast" remains to be seen -- just keep in mind that from a strictly technical perspective, the longer-term outlook continues to look more promising. In addition, a quick look at the two-year chart points out that the terms "too far" and "too fast" are both relative following the bear market collapse that began 22 months ago. -- Mike Ashbaugh, Briefing.com
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