Can The Nasdaq 100 Avoid This Bearish Pattern?

Bob Kleyla | Wed, 05/14/2008 - 11:32am | 61.8% Retracement Level, Head and Shoulders Top, NASDAQ, Nasdaq 100 | Add a comment

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The Nasdaq 100 (NDX) has rallied up to its 61.8% Retracement Level at 2020 calculated from the late October high to the mid March low and reversed off of this level on Wedensday. A longer term chart shows the NDX may be developing a potentially bearish looking Head and Shoulders Top pattern if the NDX stalls out below the 2050 level. In order for the NDX to avoid this bearish pattern it would have to rise above the 2050 level in the coming weeks.

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Bob
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› Bob Kleyla

Amateur-Investor.Net has been providing Weekly Techincal Analysis of the stock market since late 1999 along with having a Stock Advisory Service. Their Advisory Service has both a Long Term and Short Term Strategy that focuses on those stocks which are developing a favorable chart pattern such as the Cup and Handle, Double Bottom with a Handle or Flat Base. Also they tend to focus on those stocks which are exhibting favorable Sales and Earnings Growth as well. In addition Amateur-Investor.Net provides a Daily ETF Timing Service as well which focuses on the Volatility Index (VIX) and Stochastics. For more information about them you can visit them at http://www.amateur-investor.net

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Can The Nasdaq 100 Avoid This Bearish Pattern?

Bob Kleyla | Wed, 05/14/2008 - 11:32am | 61.8% Retracement Level, Head and Shoulders Top, NASDAQ, Nasdaq 100 | Add a comment

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