May 15, 2000. Situation still shows a downward trend for the Nasdaq Composite Index.
Bouncing sharply off a low of 3230 on April 17, the Nasdaq ran up 800 points in ten trading days, only to sell off again on fears of inflation and higher interest rates. Today's close looks like May 1, when the Nasdaq was overbought on the short-term charts as noted in my daily commentaries. The Nasdaq has stayed in its current trading range between 4200 and 3200 for over a month. The Nasdaq is not ready to move above 4200 until the Federal Reserve lowers interest rates, not about to happen any time soon. With corporate profits now reported and no fundamental news coming until next quarter, the Nasdaq is ready to test long-term support at 3138, a level that will likely fail to hold.
5-minute Nasdaq chart support
5-period moving average 3588
20-period moving average 3558
MACD 21.70/17.74 positive
RSI 80.39 positive
STOCHASTICS 97.70/95.50% positive, very over-bought
15-minute Nasdaq chart support
5-period moving average 3572
20-period moving average 3533
MACD 15.12/2.09 positive
RSI 82.75 positive
STOCHASTICS 95.24/90.59% positive, very over-bought
30-minute Nasdaq chart support
5-period moving average 3555
20-period moving average 3522
MACD 6.94/-1.26 positive
RSI 43.10 neutral
STOCHASTICS 79.01/60.20% positive
60-minute Nasdaq chart support
5-period moving average 3558
20-period moving average 3532
MACD -2.54/-14.07 positive
RSI 58.15 neutral
STOCHASTICS 62.55/49.19% positive
Daily Nasdaq chart resistance
5-period moving average 3585
20-period moving average 3723
MACD -167.43/-171.26 positive
RSI 46.91 neutral
STOCHASTICS 29.96/40.24% negative, improving
Weekly Nasdaq chart resistance
5-period moving average 3748
20-period moving average 3952
MACD 84.87/255.63 negative
RSI 44.51 neutral
STOCHASTICS 28.69/40.54% negative
Monthly Nasdaq chart support
5-period moving average 3906
20-period moving average 3138
MACD 603.28/529.28 positive
RSI 77.39 positive
STOCHASTICS 65.73/79.67% negative

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