Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.92

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Dec 31 4:00 PM EST

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To: Johnny Canuck who wrote (35743)	1/2/2002 1:36:11 PM
From: Johnny Canuck	Read Replies (3) of 69358

10:02 ET Technical Levels : The Nasdaq continues to be in a holding pattern at this point. On Monday, the index finished the session exactly on near-term support at 1950 though just under its 20-day exponential moving average at 1957. Look for the index to favor that 1950/1957 range over the very near-term. Yet to each side of that 1950/1957 range there are also levels worth watching. Probably the most important level to have an eye on will be downside support at the Nasdaq's 200-day simple moving average at 1926. To the upside, the near-term tone would improve on a close above modest congestion in the area of 1980/1983. With the index seeking direction, we continue to suggest focusing on the relative strength or weakness of individual issues. -- Mike Ashbaugh, Briefing.com Company/Index Ticker Current Price/Level Technical Level to Watch Significance Nasdaq 1950 1926 The most important level to watch in a broader sense -- represents the index' 200-Day Simple Moving Average and approximates the floor during the last sell wave. Nasdaq 1950 1950/1957 The area around 1950 has been something of a pivot point and 1957 represents the 20-day Exponential Moving Average. On a break higher this morning, keep an eye on this area as initial support. Semiconductor Index SOX 522 534 Represents its 20-day EMA which the index failed to hold on a weak session Monday. Look for this area to serve as near-term resistance. Microsoft MSFT 66.25 66.00 The intermediate-term chart is beginning to look somewhat weaker at this point. A close under support at 66.0 would represent its worst level in nearly a month. Also keep an eye on its 20-day EMA at 67.10. Pacific Sunwear PSUN 20.42 22.00 Cleared its 200-day SMA on Monday despite a weak broader market. Has little resistance of note until the area of 22.0. AdvancePCS

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