Sand Spring Advisors LLC
New NASDAQ 100 Lows
June 12, 2002
by, Barclay T. Leib
The NASDAQ 100 index was the first index to hit new post-September 2001 lows yesterday, and is fast approaching its 1998 lows as well.
But not to always take the part of a purveyor of doom and gloom, we would also like to point out that the NASDAQ 100 is showing certain signs of losing its downside momentum. The 5-day/35-day oscillator (popularized by Tom Joseph of Advanced GET), is showing a certain amount of divergence on the last three major thrusts lower. And pulling down extraplotaed Fibonacci bands from the 1738 high made by NASDAQ 100 futures back in December 2001, 963 looks to be as good a level as any to look for a potential low to form into late June.
Of course this would still be some 13% below yesterday's close in the September futures, but after a further few weeks of downside pressure, don't be surprised to see Sandspring.com turning uncharacteristically bullish if 963 on the NASDAQ 100 is reached within our late-June cycle window.
Non-subscribers are invited to sign up for our premium level of service below, and gain immediate access to this commentary entitled "The Coincidence of Time," as well as our May subscriber-only write-up "The Search for Survivable Themes."
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