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July 25, 2005
Nasdaq and 200-day SMA
Does it make sense to be bearish when the Nasdaq is trading above its RISING 200-day simple moving average? No. The index consolidated around 2050-2100, held the 200-day SMA and broke resistance at 2100 with a bang. The 200-day SMA and consolidation support now mark key support at 2050 and this level holds the key to the current uptrend.
Posted by Arthur B. Hill at July 25, 2005 09:25 AM