[RT] Bearish MA Crossovers in Nasdaq chart

["Rajat K. Bose" <rajatkbose@xxxxxxxxxxx>]

NASDAQ composite si showing a number of bearish moving average crossovers. 
50 dma with both 89 dma and 100 dma. 34 dma is also penetrating the 200 dma 
from above. This kind of situation normally suggests a good amount of fall 
though there could be a small rally initially in some cases. It looks like 
the earlier 3227 support would be violated in the next week or thereafter. 
Below that there would be support at 2900 and 2500 levels.

Also, consider a fundamental information. From May 12 till about May 23, 
about USD 500 billion worth of recent ipo stocks would be freed from 
lock-in. while it is true that not all of it would come the market 
immediately but a substantial part of it can definitely come exerting a 
fresh supply pressure on the tech stock market. some of the scrips for which 
lock-in shares would be released are still trading at much higher levels 
than their ipo prices.

would list members be interested in discussing the above issues.

thanks in advance

rajat


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