Stock Market Direction by Steve Zito Statistics June 20, 2000 Page

June 20, 2000. Nasdaq Composite Index closed 4013.36.
Nasdaq's June 19 surge to current levels was due to short-covering in key components Intel, Oracle, and Dell. Since May 24, at 3042, the Index has risen 31.9%, while the six largest components have averaged a 26.2% gain. The Nasdaq remains overbought on the daily charts, enough for a near-term drop to 3500. With the exception of MCI Worldcom, the Nasdaq leaders all show signs of DISTRIBUTION. The Nasdaq has managed to stay within its three month 3200-4200 trading range after breaking below it twice in the last two months, but fundamentals do not support any sustained upward move over 4000. On the technical side, the Index is over-bought and due for a pullback. On the fundamental side, bearish economic data on the TRADE IMBALANCE is coming, and the Justice break-up team is targeting large-cap Nasdaq-listed corporations.

5-minute Nasdaq chart support
5-period moving average 4006
20-period moving average 4008
MACD -3.94/-4.39 positive
RSI 36.37 neutral
STOCHASTICS 51.63/32.68% positive
15-minute Nasdaq chart support
5-period moving average 4006
20-period moving average 4006
MACD 10.04/16.04 negative
RSI 52.25 neutral
STOCHASTICS 37.58/43.64% negative
30-minute Nasdaq chart support
5-period moving average 4015
20-period moving average 3983
MACD 34.56/39.11 negative
RSI 66.31 neutral
STOCHASTICS 49.04/61.35% negative
60-minute Nasdaq chart support
5-period moving average 4011
20-period moving average 3953
MACD 50.66/44.24 positive
RSI 73.05 positive
STOCHASTICS 82.88/86.02% negative, change of direction
Daily Nasdaq chart support
5-period moving average 3931
20-period moving average 3770
MACD 81.72/38.00 positive
RSI 74.92 positive
STOCHASTICS 92.15/90.79% positive, very over-bought
Weekly Nasdaq chart support
5-period moving average 3866
20-period moving average 3840
MACD -0.25/58.12 negative
RSI 37.47 neutral
STOCHASTICS 43.52/34.41% positive
Monthly Nasdaq chart support
5-period moving average 3876
20-period moving average 3273
MACD 588.49/539.48 positive
RSI 73.40 positive
STOCHASTICS 62.26/73.52% negative

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