Monday, August 4, 2008

Okay Mr. Technical Analyst, What's the Nasdaq Telling Us?

UPDATE below.
From BigCharts:

Here's the six month view:

UPDATE: Hey, great minds. From MarketBeat:

S&PRallies Aren’t Hard to Find. Lasting Ones Are.

Investors can be forgiven if they’re having a hard time discaerning where the equity market is headed. Sharp rallies follow dramatic declines, and sometimes in the span of a few hours. After hitting a low of 10828 on the Dow industrials on July 15, the market surged, putting together a furious rally before faltering again, dropping to 11125 on the Dow on July 28.

Once again, equities rebounded, and heartily – a two-day rally of more than 450 points, followed by another 200-point selloff. Strategists believe the market is in the process of “forming a bottom,” so to speak, that term for a condition where equities don’t go down any further, even if they meander along in a tight trading range for some time....MORE