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B. Krishnakumar

THE American stock market sentiment was weighed down by the concerns about the US attack on Iraq. After a firm trend on Monday, the benchmark indices failed to make any sort of headway on the upside. Even the unexpected drop in unemployment number failed to cheer market players.

As a result, the key American indices recorded a net decline for the fourth week in succession. The Dow Jones Industrial Average declined by 2.4 per cent for the week and the broad-based S&P 500 dropped 3 per cent. The tech-heavy Nasdaq Composite Index slipped by 2.9 per cent.

As anticipated in earlier weeks, the Nasdaq Composite Index appears to be headed towards the 1150-1200 range. The break below the crucial low at 1303.64 has confirmed the weak outlook. Going by the recent price pattern, a drop to the 1150 level appears to be on the cards. As mentioned last week, only a move above 1400 would blunt the overall bearish outlook for the Nasdaq Composite Index.

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