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February 22, 2006
Nasdaq Hits Trendline Resistance
After surging last week, the Nasdaq was promptly deflated with selling pressure on Tuesday. The decline formed a reaction high just below 2300 and keeps the falling wedge in place. This is a bullish consolidation, but the index must break above last week’s high to confirm this pattern and call for a continuation of the November or January advance.
Posted by Arthur B. Hill at February 22, 2006 12:07 PM