Hello Fellow Chart Watchers!

Thought we'd try something different this week - a completely graphical analysis of the Nasdaq Composite. If a picture is worth 1,000 words, then here is... um... 1,000 words!

Note: I used 25 day periods on all the indicators to provide a longer, "one month" view of things.

Bottom Line: No bottom yet. No reason to get back into this market. Lots of reasons to stay out. Finally, I think that anyone who uses the ADX line should give the Aroon Oscillator a close look.

By the way, that chart was created completely on-line using a beta version of our new Annotation Applet. I created the entire thing from scratch using just my web browser. When this applet is completed sometime next month, you too will have that same power at your disposal. What kind of charts will you create then?

Oh yeah, click here see a live version of the unannotated chart above. Click here to learn all about the RSI, OBV, Price by Volume overlay, Aroon Oscillator, and ADX line that the chart mentions.

• Scan Summaries Like we promised last week, we've just rolled out a new format for the results of our numerous pre-defined stock scans. The "Stock Scan" page now contains a table of all the scans that we run each day broken down by exchange (Nasdaq, NYSE, etc.) Inside the table are numbers that represent the number of stocks that each scan returned. Now you can see at a glance which scans have results that are worth investigating. You can also gauge the overall health of the market by comparing bullish scan results to bearish scan results, reversal results to continuation results, stock results to mutual fund results, etc. Check it out by clicking the "Stock Scans" link on our Home page.



• Additional Predefined Scans
  As part of the upgrade to our Scans page, we've added several new scans include one for the Aroon Oscillator and several new CandleStick patterns. We will be adding many, many more predefined scans during the next couple of weeks so keep an eye out for them.
  
  

  Hot Tip for Scan Scanners To quickly chart each of the stocks on the scan results page, click on the first ticker symbol in the list and then reposition the new window containing the chart so that you can see both the chart and the scan results list. Now just click on the next company you are interested in to see the next chart!




• Future Feature Survey Results
  Thanks again to everyone who participated in our Future Features survey last week. There were over 400 responses. The most popular new feature was "User-Defined Scans" which is great because we almost have that ready to go. Second place was "Charting Stock Options" which will take us longer to add. The third most popular feature was "Annotated Charts" and as you saw above, that feature is also almost ready. April should be a great month for new stuff at StockCharts. Stay tuned!

FRIDAY BOUNCE. . . The stock market ended the week on a relatively firm note. The most critical action is taking place in the Nasdaq Composite Index, which is testing its previous low at 1800. The two key numbers to watch in that index are 1800 and 2000, since they represent the highs and lows of the past two weeks. To signal a short-term bottom, the Nasdaq would have to stay above 1800 and then close above the 2000 level..

SOX DROPS. . . The Semiconductor Index (SOX) fell sharply today. However, it s still above its December low near 515 The SOX recently failed a challenge of its 50-day average and now needs a close above 655 to turn its short-term trend higher. We'd abandon our cautiously optimistic view on this group if the old lows are broken.

If you like John Murphy's commentary, visit his website to learn how to receive it on a daily basis.

Here are some links that should help you get started:

• A Quick Tour of the Site



• John Murphy's 10 "Laws" of Technical Trading



• Chip's Thoughts on Getting Started with Technical Analysis



• All About Charting and Technical Analysis



• A Glossary for Common Technical Analysis Terms



• Bored? Check out our SharpCharts Voyeur page to see recent masterpieces that other users created on StockCharts.com

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Questions? Comments? Concerns? Problems? Suggestions? Simply 'r'eply to this email message and I'll see what I can do.

Take care,
   Chip

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