nazweekly,aug1906
Naz weekly, Aug19/06
The Weekly:
Resistance for the Naz is at around 2176 and after that it will be 2210.
The bottom is in, but it has not been tested yet. Any break below 2075 will mean that we are headed for a test of July's bottom.
Note that in 7 out of the past 10 +50 pt moves, the Naz experienced a +ve close in the following week.
BPCOMPQ:
10d EMA is set to cross above the 20d EMA, usually a good indicator of an uptrend.
50d:
The NAA50 has overshot the 20d trendline again, increasing the chances of a pullback like what happened in the beginning of July. Well, except the beginning of Jul/06 turned out to be something worse than a pullback.
I am already looking past tomorrow. I think Tuesday will give us an indication of where the market is headed for the rest of the week.