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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (2303)	3/18/2002 2:48:02 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95456

Here is a summary of the technical action in the NASDAQ last week from Briefing.com Technical Levels : Last week served as a period of consolidation for the Nasdaq. The index finished the week with a 75-point decline which amounts to a loss of about 3.9%. Yet what was notable about the drop was where it seemed to lose steam. The index held 1854 on a closing basis which matched up well with our final support point of 1850/1854. This area will continue to be notable on three counts: 1) it brackets the index' 20-day exponential moving average at 1853, 2) it approximates a 38% Fibonacci retracement of the prior leg higher, and 3) it matches up with chart congestion going back as far as November. For the time being at least, that will be the first significant support point. To the upside, there are several levels of interest as well. The index faces initial resistance at chart congestion around 1879/1882. This is followed by a cluttered area where each of the major moving averages lie. The 1887/1889 area is notable as it brackets the index' 50 and 100-day simple moving averages. That's followed by additional overhead at 1894 which represents the 200-day simple moving average. If 1894 is cleared on a closing basis, the last point we would be looking towards is 1929 -- this served as resistance for two consecutive closes on the prior leg higher. One final point worth noting -- both Microsoft (MSFT) and Intel (INTC) formed bullish engulfing patterns on Friday. This may bode well on a very near-term basis as both carry significant weight on the Nasdaq and both also happen to be Dow components. In the attached table, we touch on several individual issues in addition to key levels on which traders will focus. -- Mike Ashbaugh, Briefing.com