Nasdaq Action Similar to 2003

05/11/2009 9:43 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

In 2002-2003, the Summation Index on the Nasdaq formed a long-term bullish divergence before moving through major resistance. A similar formation and breakout have also occurred in 2008-2009, which has positive implications. Therefore, even a one- to three-week correction should be a buying opportunity.

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