June 30, 2000. The Nasdaq Composite Index closed at 3966.11.
The leaders came to life today in the last 45 minutes of trading. The Big Six averaged an impressive 3.16% gain compared to the 2.3% rise in the Nasdaq Composite Index. Microsoft, Cisco, Oracle, and Worldcom all gained more than 3.6% today. Microsoft has been strong recently and Worldcom has spiked all week. More important was the bounce by both Cisco and Oracle off short-term support levels. Those two had been over-sold judging stochastic readings June 28. The Nasdaq Index strength remains questionable on daily charts. Key Nasdaq leaders Intel and Dell show major signs of DISTRIBUTION. They seriously lagged the Composite Index today. Nasdaq may head lower in August, led by Intel and Dell. Recent ratings cuts on personal computer maker Compaq yesterday and semiconductor manufacturer Qualcomm last week should spread eventually to Dell and Intel next month. An analysis of the statistics for daily, weekly, and monthly charts shows that the Nasdaq Composite Index is set for another test on the downside, starting around the time of the next options expiration Friday, July 21, 2000.

5-minute Nasdaq chart support
5-period moving average 3952
20-period moving average 3933
MACD 6.75/0.94 positive
RSI 68.59 neutral
STOCHASTICS 93.33/80.94% positive, but over-bought
15-minute Nasdaq chart support
5-period moving average 3939
20-period moving average 3929
MACD 6.29/4.99 positive
RSI 45.87 neutral
STOCHASTICS 65.07/42.98% positive
30-minute Nasdaq chart support
5-period moving average 3939
20-period moving average 3923
MACD 8.68/5.96 positive
RSI 56.40 neutral
STOCHASTICS 75.84/73.40% positive
60-minute Nasdaq chart support
5-period moving average 3937
20-period moving average 3918
MACD 6.26/1.12 positive
RSI 48.30 neutral
STOCHASTICS 79.80/69.81% positive
Daily Nasdaq chart support
5-period moving average 3931
20-period moving average 3850
MACD 67.60/67.88 negative
RSI 55.09 neutral
STOCHASTICS 56.63/60.29% negative
Weekly Nasdaq chart support
5-period moving average 3891
20-period moving average 3896
MACD -1.78/44.00 negative
RSI 37.31 neutral
STOCHASTICS 48.06/38.15% positive
Monthly Nasdaq chart support
5-period moving average 3876
20-period moving average 3213
MACD 584.72/538.73 positive
RSI 73.33 positive
STOCHASTICS 61.67/73.32% negative

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