July 20, 2000. The Nasdaq Composite Index closed at 4184.56.
The Big Six led the Nasdaq Index higher for a 3.18% gain today. The Big Six stocks averaged a 2.57% gain. Intel had a low today at 137 13/16, exactly on the 20-day moving average, and then promptly gained 5 points. Microsoft climbed back but still has plenty of supply at 84. Cisco Systems continued strong on 43 million shares, gaining 4.02%. Why a stock with a P/E at 196.88 is being added to portfolios is a mystery, since everyone owns it already. Oracle soared above the pack today as forecasted on my home page in the past two days. Stochastics turned positive last week, and are still oversold. A close above 78 indicates a "channel breakout". A less risky Worldcom is limited by its over-bought stochastics, explaining a 2.97% drop against the market. Dell's day-trading momentum players pushed Dell's price up 2.8% and its price/earnings to 82. Strength in the Nasdaq Composite Index remains severely limited when measured by fast stochastics on the 30-minute and 60-minute charts, extremely over-bought this week. Nasdaq will head lower next Monday, after Friday's options expiration. Nasdaq needs substantial correction for a long sustained up move, and one glance at the ten-year chart shows that Nasdaq needs to correct at least one more time to 3400. This should start next week, led by Intel, Cisco, and Dell, the hardware makers trading like Internet IPO's.

5-minute Nasdaq chart support
5-period moving average 4178
20-period moving average 4175
MACD 2.33/2.15 positive
RSI 50.21 neutral
STOCHASTICS 65.88/52.21% positive
15-minute Nasdaq chart support
5-period moving average 4178
20-period moving average 4165
MACD 11.17/11.63 negative
RSI 59.66 neutral
STOCHASTICS 76.35/68.75% positive
30-minute Nasdaq chart support
5-period moving average 4174
20-period moving average 4156
MACD 6.93/-1.22 positive
RSI 72.82 positive
STOCHASTICS 92.16/87.75% positive, extremely over-bought
60-minute Nasdaq chart support
5-period moving average 4170
20-period moving average 4158
MACD -1.33/-7.31 positive
RSI 46.81 neutral
STOCHASTICS 85.75/69.25% positive, over-bought
Daily Nasdaq chart support
5-period moving average 4174
20-period moving average 4039
MACD 96.68/87.95 positive
RSI 64.03 neutral
STOCHASTICS 73.59/78.89% negative, over-bought, falling
Weekly Nasdaq chart support
5-period moving average 4010
20-period moving average 3940
MACD 47.29/40.03 positive
RSI 45.41 neutral
STOCHASTICS 77.53/63.40% positive
Monthly Nasdaq chart support
5-period moving average 3890
20-period moving average 3333
MACD 578.67/546.72 positive
RSI 69.55 neutral
STOCHASTICS 61.10/69.25% negative

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