Wednesday, June 19, 2002 9:11:38 PM
Nasdaq T/A
Currently at 1496. The yearly closed low is 1423, trading low is 1387. Expect the Nasdaq to atleast fall below the closed low (1423) within 2 weeks. Look at previous rally attempts (shown in chart below). All previous rallies failed because Nasdaq was not bottomed out. Look for bottom before rally can succeed.
On the chart below, the blue line is the short term support line. Notice how it is not steep enough for the Nasdaq to fall below about 1400 (in a reasonable amount of time), which is close to the 1423 and 1387 support lines I mentioned.
Let's see what happens when the Nasdaq bottoms out (hopefully) in a week or so.
Currently at 1496. The yearly closed low is 1423, trading low is 1387. Expect the Nasdaq to atleast fall below the closed low (1423) within 2 weeks. Look at previous rally attempts (shown in chart below). All previous rallies failed because Nasdaq was not bottomed out. Look for bottom before rally can succeed.
On the chart below, the blue line is the short term support line. Notice how it is not steep enough for the Nasdaq to fall below about 1400 (in a reasonable amount of time), which is close to the 1423 and 1387 support lines I mentioned.
Let's see what happens when the Nasdaq bottoms out (hopefully) in a week or so.
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