Monday, February 11, 2008

NASDQ nears key long term support level

(chart from amateur-investor .net)

The Nasdaq is at a key longer term support level that coincides with its 38.2% Retracement Level (calculated from the late 2002 low to the late 2007 high). It will be important for the Nasdaq to hold support near the 2200 level . If the Nasdaq were to move significantly below the 2200 level then its next potential area of longer term support would be at its 50% Retracement Level near 1985 ;Yikes!

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