The Chart du Jour

Trouble, Trouble

Sep. 8,2000

By, Barclay T. Leib

For weeks the bull pundits were waiting for all that supposed pent-up equity demand to show itself post Labor Day. Instead, the market delivered a classic "outside week down," with the Nasdaq 100 closing on its lows.


Chart courtesy of Futuresource.com

We closed below the 40-day moving average on the Nasdaq 100 futures, and if we soon bust down through the 100-day moving average, it will signal a likely Alcapulco cliff dive lower. Subcribers may remember a certain inset comparing the 1989-90 Japanese Nikkei vs. the current Nasdaq in our August article "Failed Accounting Standards; Mmm, Mmm Good; and Where to Invest (if at all) within Bandwidth." That Nikkei pattern match will then be in full force with similar implications. The 100-day moving average basis the maturing Sep futures contract currently stands at 3,741.90. That's pretty much the last vestige of support we see for the Nasdaq before we start talking of weekly Fibonacci targets in the 2250-2300 range.

Comme en dit en francais: Faites bien attention aux marches de Septembre. Une vraie crise mondiale peu develope tres facilement.

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