Wednesday, April 29, 2009

Nasdaq 100 double milestone today at 200-day and 200-month moving averages

Earlier today I pointed out that the Nasdaq 100 index (NDX, often traded with the QQQQ's ETF) tested its 200-day moving average along with a Fibonacci area that I discussed in previous posts. If a celebration is in order, then we should also recognize that this index simultaneously tested back up to its 200-month moving average today! Both the daily and monthly charts are below. I could think of more to say, but right now it would be the usual - we've got to see where the market goes from here; typically the 200 MA represents at least initial resistance. There may be some cycles time frames that are coming due, now or very soon, as well.

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