$COMPQ Confirmed Breakdown
By Johns Wu on Dec 30, 2005
The Nasdaq Composite made an extremely bearish move today as it gapped down and touched the 2200 support at the 50 DMA.
The chart looks like a bearish rounded top has developed. I seriously cannot imagine anything bullish coming from a chart like this. Today’s gap down was a bit severe and unjustified, so I’m guessing we will see an upward move to around 2225 fill the gap, followed by a sharp move down as sellers move in to lock in profits. That’s just my guess. I’d really be surprised if we see a rally in early Janurary.
This entry was posted on Friday, December 30th, 2005 at 2:08 pm and is filed under Annotated Analysis.
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