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Nasdaq Composite - Technical Analysis
NASDAQ COMPOSITE (USA)
Sept 24, 2012
Watch Video at http://youtu.be/_C0SnxXBygU
After buy signal @ 2784 we saw a strong up move to 3134. From there a downward move came and took strong support at the support line as expected. From there another bounce back was seen and new high is touched.
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Nasdaq has held key breakout support at 3159/49 and the expected break above 3190 has been seen and we stay bullish for 3228 initially, and eventually our 3320/25 main objective, the 61.8% retracement of the entire 2000/2002 bear market.
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We would Trading Look? for better selling to show here. Near-term support shows at 3193, ahead of 3159/49. Below 3129 can see a deeper retreat back to 3095. Holding a long. Add on weakness to 3150, stop below 3129. Reverse longs to a short on strength to 3320/25, stop above 3345.
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The Nasdaq has extended its initial rejection from channel resistance now at 3249/50. Better support is expected at the 13-day average now at 3182, and we look for a rally from here to retest the flagged channel hurdle. Above here would see the uptrend extend to test our 3320/25 main objective – the 61.8% retracement of the entire 2000/2002 bear market. We Trading Look? for better selling to show here.
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A direct break can target 3400 next. Below of 3182 is needed for deeper sell-off to 3159/49, but removal of 3148 is required for a top. Holding a long. Add on weakness to 3182, stop/reverse below 3145.
Reverse longs to a short on strength to 3320/25, stop above 3345. Below 3145 should see weakness extend back to 3110/00, where we would cover shorts.
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