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SUPPORT & RESISTANCE


Is there a next support level for the Nasdaq?

11/22/00 03:32:27 PM
by Jayanthi Gopalakrishnan

Well, it looks like the Nasdaq has taken a rough beating, rougher than what was imaginable.

Security:   $COMPQ
Position:   N/A

My initial support level for the Nasdaq was at 3000. I had hoped that it would not fall below this level since that would indicate a painful downfall. Unfortunately this is what happened and it means that it is time to take a look at these charts again to see how much lower the index will go.

A glance at the weekly chart of the Nasdaq composite does not paint a pretty picture. There are no strong support levels and the three you see on the attached chart do not provide any strong convictions.

The weekly chart of the Nasdaq composite shows no signs of how low it can go.
Graphic provided by: MetaStock.
 
So, how long could the Nasdaq go? Very low. It is almost as if it has entered an abyss. In reality, that will not be the case. It has to turn around somewhere but that somewhere is nowwhere in sight. I'm sure most investors will be waiting anxiously for this day to come and when it does you will know.



Jayanthi Gopalakrishnan


Title: Editor
Company: Technical Analysis of Stocks & Commodities
Address: 4757 California Ave SW
Seattle, WA 98116
Website: Traders.com
E-mail address: Jayanthi@traders.com

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