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Signs Of A Nasdaq Bull

By Christopher Grosvenor, CMTMarket OverviewAug 31, 2012 10:50AM ET
www.investing.com/analysis/signs-of-a-nasdaq-bull-134804
Signs Of A Nasdaq Bull
By Christopher Grosvenor, CMT   |  Aug 31, 2012 10:50AM ET
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Peak-and-Trough Progression
This morning's Nasdaq-100 futures contract was in a range between the support zone at $2,750 and the high at $2,790, then went on to jump with the rest of the market, rising nearly three quarter's of a point to 3070.74 in monrning trade.
Resistance And Support
Resistance And Support

Bonds And Crude
Bonds continue to trade higher after breaking out of a triple bottom: The advance is bearish for equities. Currently, the 30yr U.S. T-Bond is between $149 and $151. Crude oil is declining, lower lows and lower highs, and is trading near $95.50. Crude may be in the process of forming a bottom: confirmation of the bottom is required.

Trendlines And Moving Average
As of writing, the Nasdaq-100 was trading above its flattening 50-hour simple moving average.

Momentum
The 12-hour rate of change indicator is rising and above equilibrium: that suggests the price is above where it was 12 hour ago and the difference is increasing. The 24-hour rate of change indicator is rising and above equilibrium. The 14-hour RSI is rising and may be giving the first signs of a bull market. The 14-hour stochastic indicator is in the overbought zone and is signaling a bull market. The 14-period ADX is rising which suggests the market is trending. The market is above the parabolic SAR, a sign that the trend is towards higher prices.

Dow Jones industrial average And S&P 500
Both averages are confirming the rise in the Nasdaq-100 and are bouncing off the support zone.

Stop Loss Level
The protective stop loss level is $2,575: That level represents the worst case loss level and trades may be exited prior to the market reaching that level.
Signs Of A Nasdaq Bull
 

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Signs Of A Nasdaq Bull

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Disclaimer: This article is not meant to establish or continue an investment advisory relationship. Before investing, readers should consult their financial advisor. Christopher Grosvenor does not know your financial situation and ability to bear risk and thus his opinions may not be suitable for all investors.
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