Friday, February 25, 2011

NASDAQ Bounced Perfectly Off the 50 Day

Sometimes I get caught up on my focus on the S&P 500 index, and ignore Mr. NASDAQ.   In retrospect we had a helpful hint that a bounce may be coming because while the S&P 500 did not get within sniffing distance of its 50 day moving average, the NASDAQ did.  Indeed, this index traded intraday below the 50 day briefly both Wednesday and Thursday....

Now both the S&P 500 and NASDAQ are in almost identical position on their charts, breaking back over their 20 days ...

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