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Proceed The Market With Caution

Posted by Blain Reinkensmeyer
May 18, 2008 at 7:30 pm

This makes me nervous, I can’t stand long term trend lines acting as resistance…

Check out this chart of the NASDAQ Composite and you will see what I mean. In this daily view we have both the 200 day moving average and the lows of 11/26/07 to deal with.

A heavy volume break and close above 2540 would most likely put this resistance to rest.

nasdaq3-051808.png

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Comment by Airelon
2008-05-19 07:59:24

I’d tend to agree. There’s just too much on the charts at the moment that make me worry from a technical standpoint. The moving averages. Then we’re at about a 50% retracement on the Fib #’s. The market just can’t seem to make a higher high.

All signs of congestion …

 
2008-05-22 14:53:57

[...] readers should recall my post from this past Sunday, Proceed The Market With Caution. The red flags are now waving, and I am 100% cash as of [...]

 
2008-05-24 12:07:46

[...] Market Thoughts, Sunday May 17th *Must Read* [...]

 
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