Nasdaq 100 Short-Term Update
By Alexander Nikolov
posted 23:41 08/27/11
| General Stocks
 
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Nasdaq 100: 2161.38

Short-Term Trend: downtrend

Outlook: While the outlook on the weekly chart is mixed at this stage (take a look at our Medium-Term Update), the daily chart is bearish. The prices are firmly below the 100-day and 200-day moving averages and these moving averages have already curled over the top and are expected to act as resistance levels for any rallies that can develop due to the current oversold conditions. So, I expect lower prices ahead. Near-Term, the market is attempting to rally but as long as it stays below its 2214 swing high and below the 2236 level, the bears are in cotrol. A decline below the 2035 wil confirm and will yield weaknesst wd 1962 level 1st…

A week ago I recorded a video presentation about the most likely Medium-Term scenarios for the U.S. stock market. If you haven't watch it yet, you can do it here:

 
 
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