NDX 3,660 is out with a close of NDX 3,715 and trap is set but second day close above 3660 will verify legitimacy. This violent 2 day upward bounce feeds bull mantra but it may be short lived for now. NDX 3,910 is upper resistance that I doubt we will get thru. For me the support line in the sand is NDX 3,580. 3,580 has held twice on the 13th and once this morning on the first pullback. Also, this gives us elasticity above todays 3,600 support held twice late today. NDX 3,580 should give us leeway on the 3,600 wash-out play. A break of this level will draw us back to NDX 3,200 like a magnet within few short trading days:
charts-d.quote.com:443/956123086400?User=demo&Pswd=demo&DataType=GIF&Symbol=NDX.X&Interval=15&Ht=400&Wd=600&Display=0&Study=&Param1=&Param2=&Param3=&FontSize=10
BKX 795 resistance was never breached as we closed strong at BKX 792 and sit right above this 5 day MA 789 and 200 day MA 785. Today's extended kiss of 795 action could serve as minimum requirement for us to turn back down. BKX 770 tight stop must hold for me or we will go test that 50 day MA at 734 AGAIN. If BKX does find way to advance from here that gap must be filled from last Friday. At best, I need two closes at/above BKX 815 for confirmation of further run but am highly skeptical of these levels right now.
charts-d.quote.com:443/956123845200?User=demo&Pswd=demo&DataType=GIF&Symbol=BKX.X&Interval=10&Ht=400&Wd=600&Display=0&Study=&Param1=&Param2=&Param3=&FontSize=10
The Backtest MITA 2,516- monday:
..< mike, I mentioned NDX 3,660 (after NDX 3,205 fri close) as first real major resistance level on Sunday when sky was falling, futures were going into lock limit down and they were calling for Monday collapse <g>. Today we closed at NDX 3,529 up a whopping 323 (10% +). I am looking for this NDX 3,660 intraday test tomorrow (Weds latest)and the success of whether we close above this level or not twice back to back we need to re-establish BKX...
..<On the support side, BKX 742 has held twice now. A break below BKX 732 and we will have the market tail-spinning again. I think BKX will find initial resistance at BKX 795>..
..<My gut says we run into a buzz-saw short term at BKX 795 and NDX 3,660 and more backfiling and re-test of supports is needed. But I will let market be my guide with these little parameters and this trade number on Wednesday can tilt the scales in either direction>...
Best Regards, J.T. |
