DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS Message Board

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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS

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To: bowledover who wrote (114)	5/27/2001 8:35:13 PM
From: drfibo	Read Replies (2) of 565

Hi David, I came up with the 2230 as a key resistance level to break on the Nasdaq because the swing high for the index which occurred on 05/02/01 was 2232.66. Once the Nasdaq broke above this key resistance it's next resistance would be the 2242 - 2245 range which represents a .50 Fibonacci retracement drawn from the January Highs to the April lows on the Nasdaq. Notice that even though the Naz has traded down from the May, 22nd highs, it has been able to hold the 2243 level. This area which previously served as resistance is now support! The next major Fibonacci resistance for the Nasdaq is the 2400-2406 range. Of course, along the way there are other minor resistance zones. The important thing to remember is that 2400 is the next big obstacle for the Naz. In it's most recent 4 day trading range, the Nasdaq has resistance at 2282, 2292 and the all important break out high of 2328. I hope this helps clarify our thoughts on the Nasdaq. Happy Trading, Ed - aka DrFibo intradayinvestments.com

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