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.
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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 …
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