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March 24, 2006
Nasdaq Consolidates Near Resistance
Looking at the Nasdaq over the same timeframe, a picture of relative weakness emerges. The Nasdaq surged in January and then consolidated the last three months. The index tried four times to break above 2300 and cannot seem to hold this level for more than a week. At worst, the trend is flat. At best, we have a sharp advance (2050-2330) and a triangle consolidation, which is a mere rest in the ongoing uptrend.
Posted by Arthur B. Hill at March 24, 2006 06:43 AM