Friday, September 23, 2011

Nasdaq Nears Technical Support

From Chart of the Day:
The Nasdaq is currently down 14.5% (2483) since putting in a secondary peak 11 weeks ago. For some perspective on the current state of the stock market, today's chart presents the prevailing trend of the Nasdaq. As today's chart illustrates, the Nasdaq has been and continues to trade within its 17-month trend channel. However, the recent selloff has brought the Nasdaq down near support (green line) which is currently being tested.