Watch Today's 'Triple Resistance Test' on the NASDAQ 100

By: Marty Chenard | Wed, Oct 13, 2010
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On June 5, 2008 the NASDAQ 100 hit a high of 2055.82 and then it dropped over 1000 points six months later.

And then ... on April 26, 2010 the NASDAQ 100 hit an intra-day high of 2059.42 and failed the "double resistance test" by closing at 2049.09. Just over two months later it had dropped 345 points.

So now it is October 13th. 2010 ... and the NASDAQ 100 will have its "triple resistance test" today as seen on Chart #1 below. (Also see this morning's Chart #2 below.)

*** The upside resistance to take out is 2059.42 today.

A close below 2055.82 during the next few days could be followed by a failure drop in the coming months so that is the other important level to watch as well.

**Below is this morning's chart as of 10:20 AM (EST).

This critical test is going on now as we speak, so keep an eye on it today.

 


 

Marty Chenard

Author: Marty Chenard

Marty Chenard
StockTiming.com
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Marty Chenard is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools and stock market models. As a result, he was out of the market two weeks before the 1987 Crash in the most recent Bear Market he faxed his Members in March 2000 telling them all to SELL. He is an advanced technical analyst and not an investment advisor, nor a securities broker.

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