Diary of a Financier

NASDAQ Composite Almost Back to Where We Began

In Capital Markets on Tue 8 Feb 2011 at 18:45
  • COMP.Q near completing a 100% retracement to its 2007 peak.

I just wanted to add this quick observation before going home tonight: the NASDAQ Composite (COMP.Q) is approaching a huge resistance at 2850, a level it will certainly achieve this year.  (We closed tonight at 2797.)

COMPQ weekly- 2850 critical resistance.

Not only has that 2850 been a resistance bumper on 4 other occasions, but it also represents the sacred 100% retracement from COMP.Q’s 10/31/2007 peak after a long recovery from the Tech Bubble bust:

COMPQ daily- Fibonacci 100% retracement also around 2850.

Just be on the lookout.

–Romeo

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