Is the NASDAQ Now in Thin Air?
October 21st 2009 17:42
Of the three major indexes we track: DOW, NASDAQ and the S&P 500, only the NASDAQ is in thin air.
What do I mean by thin air? So far the NASDAQ is the only index to make it past the 50% Fibonacci retracement levels as measured from the highs seen in 2007 and the lows that were made in March of this year.
Both the Dow and the S&P 500 have rallied strongly from their March lows but have not made it over the 50% retracement level.
p=0&l=0&campaignid=3" target="_blank">Really Long Link
Many professional traders - myself included - are looking at the NASDAQ’s Fibonacci retracement as it represents a potentially key turning point for this year’s market.
While not all the pieces are in place to go short or get out of long positions, one of the first clues is being put in place today by the Japanese candlestick charts.
In this new video, we share with you the NASDAQ retracement levels, as well as one of the key components that could lead to a potential reversal to the downside.
As always, our videos are free to watch and there is no need to register.
Enjoy the video, all the best.
Please enjoy the article and comment below, email me at landfair3554@comcast.net or follow me @movermike
Mike Landfair
What do I mean by thin air? So far the NASDAQ is the only index to make it past the 50% Fibonacci retracement levels as measured from the highs seen in 2007 and the lows that were made in March of this year.
Both the Dow and the S&P 500 have rallied strongly from their March lows but have not made it over the 50% retracement level.
p=0&l=0&campaignid=3" target="_blank">Really Long Link
Many professional traders - myself included - are looking at the NASDAQ’s Fibonacci retracement as it represents a potentially key turning point for this year’s market.
While not all the pieces are in place to go short or get out of long positions, one of the first clues is being put in place today by the Japanese candlestick charts.
In this new video, we share with you the NASDAQ retracement levels, as well as one of the key components that could lead to a potential reversal to the downside.
As always, our videos are free to watch and there is no need to register.
Enjoy the video, all the best.
Please enjoy the article and comment below, email me at landfair3554@comcast.net or follow me @movermike
Mike Landfair
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