Portugal vai ganhar 1.400 milionários estrangeiros este ano

[Camisa Roxa]

NASDAQ COMMENTARY

It's become increasingly apparent that no matter how "due" we are for a reversal, the
market just doesn't yet have what it takes to make it happen. Last week we were using
October lows as a frame of reference only because we had no other benchmark level
that may act as a support point for our current downtrend. Now it seems that those
lows really might be the landing point this time around.

The Nasdaq Composite did indeed fall under the critical 1300/1310 area, but has not
yet breached the lower threshold at 1275 discussed in the Weekly Market Outlook. That
support line was confirmed when we printed a low of 1275.19 on Monday, and recovered
on Tuesday and today. But then again, the week isn't over yet.

Therefore, the primary support levels are now at 1275, and another at 1260. If we
move below 1275 we'll maintain our bearish posture, and we'll revaluate the situation
when and if we reach 1260. (We chose 1250 as the projection of the down-trending
support line through the end of this week)

As for resistance, don't be excited by anything less than a move above 1300. And even
then, don't be surprised if we have a hard time getting above 1330; that entire range
has been problematic recently.

Continuing our pattern of inability to stay above our 10 day moving average, we're
still bearish. And each failure to stay above it when we do approach it only
compounds the bearishness.

NASDAQ COMPOSITE DAILY CHART

S&P 100 COMMENTARY

The S&P 100, unlike the Nasdaq Composite, is making its new term low of 415.19 today
(Wednesday), and it's not even at the bottom of its trading range. Drawing the
down-trending support lines out through the end of this week, a move as low as 410 by
Friday is likely, and really wouldn't be a surprise.

We're going to maintain our target area for this downturn at the 400/405 level, and
considering the type of difficulty we've had making any move higher, the lower end of
that range (400) is the more likely of the two.

It will take a close above 425/430 to reconsider our bearish posture, but we'll have
difficulty even getting that far. To fully remove our bearish stance, we'll want to
see closes above the 20 day exponential moving average. That resistance is currently
at 435, but may be lower by the time we actually threaten to do that. And 480 is
still our official resistance level we'll have to see before going completely
bullish.

S&P 100 DAILY CHART