Nasdaq 100 (NDX) and Nasdaq Composite (COMPQ) Break Out
February 23, 2007 (By Frank Kollar)
We have been forecasting a Nasdaq break out for several weeks, and this week we had just that. On Monday The Nasdaq Composite Index (COMPQ) closed above 2503 for a new rally high. On Thursday the Nasdaq 100 Index (NDX) closed above 1845 for a new rally high.
The stage is now set for another leg up in the stock market. Short-term targets are 1870 on the Nasdaq 100 Index and 2564 on the Nasdaq Composite Index in coming days before resistance levels begin to slow things down.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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