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April 18, 2006
NDX Equal Weight Holding Breakout
For a different perspective, here is the Nasdaq 100 equal weight index. NDXE broke above resistance at 1140 and broken resistance now turns into support. The index firmed on Wednesday and Thursday, but fell again Monday. A strong index should hold its resistance break and further weakness below 1140 would be quite negative. Despite the sharp pullback over the last six days, the resistance breakout has yet to fold and this chart is more bullish than bearish.
Posted by Arthur B. Hill at April 18, 2006 10:26 AM