During the annual Logitech Chinese New Year party in Taiwan, CEO Guerrino De Luca announces that Logitech has joined the NASDAQ 100. (Photo credit: Wikipedia)Investors pulled over a half billion dollars from a popular ETF tracking the Nasdaq-100 Index as the fund suffered its first weekly loss of the year after a 14-week string of gains. In a volatile week that began with heavy selling pressure met by mid-week buying, the S&P 500 hovered around key near term support levels, finally closing at 1370.26 on Friday. Our market technician David Chojnacki pointed out in a note to trading clients last Friday morning that the SPX has near term support in the 1370-1374 level but there is overhead resistance between 1385-1388 as well as 1397-1400.Additionally, the SPX dipped below its 50 day moving average on several occasions last week for the first time since early December of 2011, and ultimately closed below this level (currently 1375.71) on Friday. Volumes were reasonably heavy throughout the week in broad-based equity products as well as those in other asset classes including commodities and fixed income, as it appears that institutional players were in ...Continue to read.
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