2007-3-20 2007-3-20 The stock market continues to move sideways and pause before the next leg higher. The NASDAQ Composite and NASDAQ 100 are extremely close to breaking out of their bases and into multi-year highs. The S&P 500 is still consolidating, while the Russell 2000 currently looks the most bearish.You can see from the chart below that the NASDAQ Composite is right near the high of its two month consolidation. A sustained break and close above 2470 will signal that the new leg has begun.The second chart suggests a possible target for the NASDAQ Composite during this buy signal. We have used Fibonacci lines to show that if the next move higher is the same percentage gain as the leg from July that the index could be headed to the 2900 area. Also, you can see the significant resistance that lies in this area as well. We believe that it is possible for the NASDAQ to extend this far before our system triggers a sell signal. 99476 text/html http://www.nasdaqwizard.com/midweek011007.html 1.0 EN index,follow The stock market continues to move sideways and pause before the next leg higher. The NASDAQ Composite and NASDAQ 100 are extremely close to breaking out of their bases and into multi-year highs. The S&P 500 is still consolidating, while the Russell 2000 currently looks the most bearish. text