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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Michael D. Hueglin who wrote (36836)	2/22/2001 11:15:41 PM
From: Luce Wildebeest	Respond to of 50167

This is from the ISR<Internet Stock Report> The Nasdaq found support this morning along its early 1999 lows, and a good thing too, because the next strong support would be 2028, the July 1998 top (see first chart for both support levels). The Nasdaq is overdue for a bounce, but today's rebound was weak, and given the technical damage to the index, we expect any rally at this point to be a weak one, and we wouldn't be surprised to see the 2000 level reached soon. To the upside, first resistance is 2300, then 2350, and then 2388, the 1990 logarithmic trendline (second chart), which the index absolutely must get back above to be restored to any sort of technical health. We suspect the index may not be able to clear that 2388 level, barring some aggressive Fed rate cutting. Above that, the index needs to get back above its September downtrend line (third chart) at about 2450; note other possible support and resistance levels off that secondary peak. The good news is that the previous four times the Nasdaq hit a new two-year low, it was 1% higher three weeks later and 30% higher a year later. Here's hoping the techs hold true to form.