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May 27, 2009 / Jeb

Market Summary May 26th 2009

nasdaq May26

The Nasdaq remains above its moving averages despite have light volume to support it.  It is concerning because Nasdaq and Dow Jones appears to making a descending triangle pattern after a rising wedge formation.  A break on volume at this point would cause the indexes to retest the March low.  It would be nice to see some volume on a break down to 82.25 on the DJIA Diamonds and 32.75 on the Nasdaq to confirm the descending triangle.  The lack of volume on this run up from March is quite concerning.

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