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Politics : High Tolerance Plasticity

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To: aerosappy who wrote (11819)	1/21/2002 9:03:09 AM
From: jim_p	Read Replies (1) of 23153

John Murphy's Market Watch CLOSES UNDER DECEMBER LOW... The Nasdaq 100 is a very important index. Right now, it is probably the most important of all. Since it's comprised of the biggest Nasdaq stocks, it tends to determine the trend of the Nasdaq Composite itself. That's why we think today's chart breakdown is a bad sign for the market's short-term trend. The Nasdaq 100 ended down 3.3% today compared to the Composite loss of 2.8%. That compares with an S&P 500 loss of -.99% and a Dow drop of -.79%. That means that the Nasdaq 100 is pulling down the Nasdaq Composite, which in turn is pulling down the rest of the market. The chart below shows the Nasdaq 100 closing below its December low of 1557 -- after having broken both moving averages earlier in the week. Notice also that the (blue) 50-day line is nearing the (red) 200 day line, which is usually a resistance barrier. We suspect the 50-day will now start dropping as well -- another negative omen. The MACD lines are not only negative -- but are diverging. In addition, the 14-day RSI has fallen under the mid-point line at 50 and is now trading at 42. It has to reach 30 to get oversold. --John Murphy

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