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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 470.36

+1.0%

3:59 PM EST

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To: Petrol who wrote (12833)	2/26/2002 6:14:34 PM
From: Susan G	Read Replies (2) of 26752

The Nasdaq comp has another small rising wedge to the 20 EMA overhead, but it's looking like it may not even get there. There is gap resistance from 1791.01 to 1801.67, as well as the resistance at the downtrend line from the January high. Beware of false breakouts of that line, as happened on 2/14 and started the move down to the bottom of that descending channel wedge that we are stuck in. Those are bullish, but it's got to break out cleanly and hold over the wedge first! If the COMP rolls over as it attempts to break this overhead 20 ema, it could easily send the Nasdaq back to 1700 (the bottom of the rising wedge), or lower. home.earthlink.net What's kind of scary, is the ADX is as topped out today as it was at the January highs and looks about to reverse back down... You can sure see the result of that "battle at the EMAs" now...YIKES!

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