Option Investor
Market Updates

Nasdaq-100 Holding Above Support

HAVING TROUBLE PRINTING?
Printer friendly version

With all the support levels that were lost today, the Nasdaq-100 looks like it may be able to hold.

Nasdaq-100 Daily Chart

Today's 4.23% drop in the Nasdaq-100 has done much for its bar chart, but the triple Qs look like they are going to end the week above $41. This could become the battle line on Monday. It represents a 61.8% retracement of April gains, as well as a series of lows back in mid-June. One encouraging note for bulls is the lack of volume support on today's decline. Granted stocks can fall under their own weight, but the volume the past two days has been less than impressive.

Microsoft Daily Chart

We mentioned earlier that IBM hurt the Dow today, and Microsoft could hold the fate of the Nasdaq-100 in its hands. $66 had been support for MSFT since April, but today's $2.70 drop has temporarily pushed the stock below this key support level. It is hovering just below, so I would like to see a follow through on Monday to confirm the break. As goes Microsoft....

Jeffrey Canavan
Assistant Analyst
www.PremierInvestor.com

Intraday Update Archives