| Stock market update of NASDAQ Futures DOW $SPX |
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| Friday, March 3, 2006 |
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Pre- Market Update - COMPQ, YM, ES
NASDAQ Intraday update (COMPQ)- 60 min chart
On the 60 minute chart you can see that the COMPQ has broken out of the symmetrical triangle pattern to the upside. Today the COMPQ came close to new 52 week highs at 2311.11 As you can see, the COMPQ has broken out of the symmetrical triangle and has pulled back to test the breakout line. Indicators and oscillators are bullish. The PPO is showing bullish divergence and the stochastics are bull flagging. The clue that the COMPQ is heading higher is due to the COMPQ crossing the 72% retracement mark at 2306.21. Once the COMPQ retraced down to C and then back up to the 72% retracement level this action then turned the move into a corrective move.
Dow Jones Industrial Average Futures - YM 60 min chart
The YM chart illustrates that it has broken out of the continuation diamond pattern and is now in the process of forming a bull flag as it pulls back of it highs placed earlier this year. The indicators and oscillators are in a bullish trend reversal. I do not believe the INDU will break out until it breaks above the 11050.00 level. It is like a boiling pot with a lid on it and it is getting ready to explode.
The S&P 500 Large Cap Index (SPX)
On the Futures ES chart it looks bullish. It is in the process of forming an Ascending triangle pattern. It has pulled back to test the uptrend line but ES is now moving back up. The stochastics are in a bullish thrust up mode. Juice is on the way.
NASDAQ
NASDAQ "RETRACEMENT" 72% FPUR DAYS AGO WAS THE CLUE AS MENTIONED ON THAT UPDATE
DOW FUTURES
SP500 FUTURES
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