Charts and Commentary

By: Marty Chenard | Tue, Jun 6, 2006
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Is the NASDAQ on shaky ground?

August 2004 ... April 2005 ... and June 2006 are important NASDAQ 100 dates.

Why?

Because these dates represent Major Support junctures for the NASDAQ.

Take a quick look at the August 2004 ... April 2005 dates on the NASDAQ's chart below. Those two dates were points where the NASDAQ held support and bounced up in new important trends. Now look at our StockTiming Cycler on the top part of the chart. Note that the when the red Cycler indicator was below its red horizontal line, that the NASDAQ remained in a down trend.

When it then rose and crossed over the red horizontal line, the NASDAQ 100 started a new up trend. Right now, its still down.

As we closed the day yesterday, the NASDAQ 100 moved down again toward its major support line and is now testing that very important support level.

It is important for the Cycler to trend up now or it will signify that we are going to see more down movement with the NASDAQ breaking this important Major Support level. If we lose this support things could get nasty, and investors will be blaming Bernanke.

The Major Support line is nearly two years old now, and Mr. Bernanke better print a bunch of M3 money and float it right now ... or he will lose everyone's confidence in his ability to do the job.

(Note: Once again, today's chart is a one-time courtesy update for our free members, and this level of data is normally reserved for our Paid subscribers.)

Please Note: We do not issue Buy or Sell timing recommendations on these Free daily update pages. I hope you understand that in fairness, our Buy/Sell recommendations and advanced market Models are only available to our paid subscribers on a password required basis.

 


 

Marty Chenard

Author: Marty Chenard

Marty Chenard
StockTiming.com
Asheville, NC 28805
Tel: 828-296-1200

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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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/