Index Traders Edge - Highlighting the NASDAQ 100

By: Joseph_Russo

Holding the Line

Interestingly, the NDX is one of the few broad-based equity indices to maintain its standing uptrend from the March lows.

Despite closing near its low for the week - with losses approaching 4%, the NDX survived the onset of this particular storm with little if any near-term technical damage. Much rides on the week ahead however.

Incidentally, the weekly rally from the March low turns 21 next week, marking prime time for a panic-low or manic buying-spree reaction high.

Buckle up!

Let's see how the rest of the majors held up…

Markets at a glance INDEX TRADERS EDGE Vol. 8

After breaching 12-year lows beneath 80.14, and plummeting toward its 15-year historic low of 78.43 - The Dollar managed to summon much-needed defense at the 80.02 level - closing the week on an up-note while breaking marginally above a tight downward trendline of resistance.

The Dow failed to achieve expansion targets following its short-lived attempt in expanding its range. Soon after, the index re-entered the high-end of old price territory, and by weeks end - found itself a new home at the bottom of the range. In process, the Dows robust former uptrend failed. The index closed at the lower end of its weekly range, residing at key levels of near-term support. Per last weeks close, the Dow now shares a trajectory of ascent similar to that of the NDX.

Upon achieving it wedge breakout targets, Gold gave most of those gains at the first clear signs of a Dollar bottom. The S&P failed miserably upon its marginal besting of former historic print highs. Upon reaching critical mass, the index tanked, suffering a near 5% bloodletting, while threatening to ruin an otherwise healthy level of trajectory. 

A SNEEK PEEK and message about Elliott Wave Technology's Forthcoming Blog-Page

To the left is a compilation of still-shots previewing Elliott Wave Technology's blog-page in development.

The purpose and intent of the blog will be to serve the interests of existing clients, and to provide select prospective members a place to become better acquainted with our brand of services.

The blog-page will add value, and act in complement to our real-time charts posted at stockcharts.com.

The page will be a place for us to post special interim reports should market conditions warrant.

Once subscribed to the blog, users may choose to receive automatic e-mails the moment new items have been posted.

Under normal market conditions, the blog page will serve to provide a convenient venue for us to comment on select markets in between our regularly scheduled reports.

The blog page will NOT be used as a chat room, guru-bashing corral, or any other form of non-productive banter.

Members can share experiences, trade ideas, and offer suggestions and comments on site and market related matters.

We will load the pages with various published articles, and open threads relating to various topics that members wish to explore further.

We will seek out and be receptive to all those interested in authoring, or moderating various aspects of the page.

The page will of course contain several convenient links to member login pages, subscription management services, our stockcharts page, along with other relevant or user suggested links.

Should you have interest in obtaining special access to Elliott Wave Technology's forthcoming blog-page, forward the author your e-mail address for private invitation.

Until next time …

Trade Better / Invest Smarter...

By Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Copyright © 2007 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.