UPDATE ON: Is the NASDAQ 100 stuck or just at a very important "testing level"?
Below is the updated chart as of the close yesterday ... and the answer to
the above question is: "a very important testing level" is still in play.
There are two important testing levels being faced at the same time now. The
first is the April 7th. Weekly High of 2795.35 which was briefly taken out,
only to have the NASDAQ 100 retest the level and close below it.
The second testing level is a Fibonacci 50% level which stands at 2806.20.
Last week's question remains for technical analyst ... "Will this turn out
to be a double top, or a continuation move that goes beyond the double test
resistance levels?"
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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