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The NASDAQ trend-line/support and resistance charts through Friday.

This is a lifetime NASDAQ chart that shows 3 distinct trend lines. The first or shortest-term trend line was breached late last week.

http://www.angelfire.com/geek/VenditsCharts/life_naz_3_trend.gif

In this zoomed shot of the chart you can see that there is a fairly good lower support at about 1875 which was formed during the first quarter of 1998. Count 6 candles to the right of my mouse pointer and see the tall red support candle.

http://www.angelfire.com/geek/VenditsCharts/6_YR_NAZ_1874.gif

If the 1875 area is breached then there is a good chance next lower support at about 1450 will be the next level down. This base was formed back in 1997, which also coincides with the lower end of the tall red candle I mentioned above.

http://www.angelfire.com/geek/VenditsCharts/7_yr_naz_1447_2.gif

This last chart (4-yr) shows a spinning top candle formed which can be a reversal candle when grouped with the previous few candles.

http://www.angelfire.com/geek/VenditsCharts/4_yr_1450_2.gif

This is a put-call ratio chart I borrowed from Teresa Lo’s site.

http://ottographs.com/charts/2001-03/19/KC-1.gif

Williams showing we are near a short-term reversal.

http://208.240.76.45/charts/$COMPQ_0_64CA0W_V0SM50BB9_2SK14ER10N.gif




Reid