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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: SeachRE who wrote (90681)	7/3/2002 11:02:56 AM
From: Softechie	Respond to of 99280

It's about right when da boys can't hold it much longer...

To: SeachRE who wrote (90681)	7/3/2002 11:03:12 AM
From: Softechie	Respond to of 99280

Briefing.com: Technical Levels : So when was the last time the Nasdaq closed at a level lower than yesterday? Believe it or not, it was May 19, 1997 -- just a little over five years ago. Typically market technicians utilize time frames on the order of three-months, six months or one year. Yet the way the market is currently situated, it's becoming more common to check in on how the five-year chart is shaping up -- and of course the one-decade chart is becoming a bigger staple as well. At this point, the technical picture has completely broken down as the post-September 11th lows failed to hold on Monday's close. Not surprisingly, the markets followed up yesterday with substantial sell pressure, taking the index down to a close at 1,357. In terms of downside technical levels, this is probably more a matter of the index finding its own near-term bottom rather than any reliance on real pre-existing support. For what it's worth, there is decent congestion in the broad range of 1,328 to 1,344 going back to May 1997. After that, you're looking at modest support around 1,305 followed by another level in the area of 1,260 to 1,270. To the upside, look for initial resistance at 1,379 followed by additional overhead right around 1,400. On a break above those two levels, watch for more significant resistance in the range of 1,419 to 1,423 -- that's the area formerly known as support which brackets the reaction lows of October 1998 and September 2001. -- Mike Ashbaugh, Briefing.com