May 16, 2000 close 3717.57. Situation still shows no upward 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, fears which are well founded. Today's close looks like May 5, when the Nasdaq was overbought on the short-term charts as noted in my daily commentaries. That day was followed by a steep drop in the following week. 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 in the next six months. With corporations now finished reporting profits and only bearish economic data coming next quarter, the Nasdaq is ready to test long-term support at 3138, a level that may fail to hold.
5-minute Nasdaq chart support
5-period moving average 3710
20-period moving average 3701
MACD 4.54/0.33 positive
RSI 69.74 neutral
STOCHASTICS 91.79/88.78% positive, very over-bought
15-minute Nasdaq chart support
5-period moving average 3705
20-period moving average 3691
MACD 20.71/26.44 negative
RSI 47.14 neutral
STOCHASTICS 76.74/65.97% positive
30-minute Nasdaq chart support
5-period moving average 3704
20-period moving average 3658
MACD 44.96/44.08 positive
RSI 80.38 positive
STOCHASTICS 83.90/85.04% negative
60-minute Nasdaq chart support
5-period moving average 3703
20-period moving average 3618
MACD 45.75/26.85 positive
RSI 65.20 neutral
STOCHASTICS 91.77/86.73% positive, very over-bought
Daily Nasdaq chart resistance
5-period moving average 3611
20-period moving average 3723
MACD -138.92/-162.57 positive
RSI 47.38 neutral
STOCHASTICS 40.99/38.88% positive
Weekly Nasdaq chart resistance
5-period moving average 3738
20-period moving average 3942
MACD 54.65/215.44 negative
RSI 44.15 neutral
STOCHASTICS 27.71/36.26% negative
Monthly Nasdaq chart support
5-period moving average 3875
20-period moving average 3138
MACD 618.32/532.29 positive
RSI 78.04 positive
STOCHASTICS 68.00/80.42% negative

Copyright Notice, all pages Copyright©2000 and are made available as a service to the global Internet community. Pages may not be reproduced or sold in any medium without explicit, written permission from Steve Zito.

Back Home Index Statistics May 15 Page