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Tepid Tuesday

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The Dow is up 0.17%, and the Nasdaq is up 0.12%, overall not a very exciting day. The retail sector is up 1.10%, and disk drives are up 2.27%. Gold stocks are selling off 2.04% after yesterday's nice gain.

Nasdaq-100 60-Minute Chart

Back on July 27 the triple Qs completed a double bottom. The tracking stock then stalled at $42 before moving to it's high at $44. Now the Nasdaq-100 has completed a small head and shoulders bottom, but has stalled at $41.50. This is the bottom of a previous congestion zone, as well as the current home of the 50- period moving average. Should the Qs fail to rally through this area, it could drop back down to the neckline at $40.63.

Russell 200 Daily Chart

The Russell 2000 (RUT.X) has put together four decent days, and is almost up 1% today. Now the small cap index is stalled at 481, the 38.2% retracement and 200-day moving average. Eight points higher is a bigger test at 490. A break above that level would get Russell out of this pesky trading range it has been stuck in for the past month.

Jeffrey Canavan
Assistant Analyst

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