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Technology Stocks : Garmin GRMN

GRMN 213.95

-0.5%

Oct 31 3:59 PM EST

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From: tech101	12/1/2005 1:45:21 AM
	of 99

Stocks: More Strength Likely S&P believes indexes are poised to take another run at new cyclical bull market highs NOVEMBER 21, 2005 TECHNICAL MARKET INSIGHT By Mark Arbeter ...... The Nasdaq has gotten very close to its cyclical bull market peak -- its Aug. 2 closing high of 2218.15. Once this level is taken, the next key level in our view is up at 2230. This comes from trendline resistance drawn off the highs over the last couple of years. In our view, this is a critical piece of resistance for the Nasdaq as it has contained prices since the beginning of 2004. If the index can take out this formidable piece of resistance, the next area of overhead is up at 2340, the high from back in 2001. This level also represents the beginning of a lot of accumulation from back in 1999, just before the Nasdaq took off on its historic run to 5048.62. Like the S&P 500, the daily stochastic oscillator and 6-day RSI based on the Nasdaq are in overbought territory but intermediate-term momentum indicators are not yet overbought.

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