LVL, YUP but were not sapose ta talk about kitties...
some info on the NDX
by Haggerty
Looking at the NDX 100 from the 1063 October 1998 low to the 4816 high and framing the levels, you get a .50 RT of 2940 and a .618 at about 2500. The next convergence comes at about the 2200 level. Let's hope not! Looking at it another way from the October 1999 low of 2300 to the 4816 high, you can see that the 2897 May low retraced about .786 of that move and rallied to 4147, which is the .618 zone. If the 2897 low holds, look for potential bottoms at the 3375 level and the 3165 level. If this scenario plays out, the NDX 100 could rally to the 4400-4600 zone, which would be about a 38% rally, depending at which level it started from.
That rally could coincide with the November-through-April stronger seasonal tendency and the election. Also, below 3342 on the NDX, a 7 swingpoint RST buy pattern will set up and the same for the S&P 500 below 1413.90. I will alert you all if and when they set up. By completing this exercise, you have some inflection points to watch closely for any change in trend and will be prepared to take action and not be surprised or get mesmerized by the media and empty chatter on the talk shows. |
