Greenlaw, Rande, et al.,
What do you think of this view?
Message 14683455
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From: tradermike_1999 Sunday, October 29, 2000 7:13 PM ET
Reply # of 359
This will be one of the most important weeks of the year for the Nasdaq. It is do or die. That is the simplest way to put it. Check out this chart
swingtradingonline.com
For the past two weeks since the first October bounce off 3,000 support the Nasdaq has been making wild volatile moves as bottom pickers buy the bottom and people lose faith and sell on the rallies. This volatility and indecision pattern will end this week when the Nasdaq either breaks out of the triangle that is visible on the chart I linked above or drops dead.
So - we have resistance at 3450 and support at 3000. Naz will either close above the resistance and signal a good chance of another seasonal rally going into the end of the year - a bear market rally that will give people a chance to get out at good prices. Probably see the Nasdaq make it to 3800-4000. Or else we will close below 3,000 and then everyone will know that the bull market is officially DEAD.
Anyone want to make a bet on which way the dice will fall?
When I look at a chart of Naz it looks like its bottomed to me. TRIN, VIX, and other technical indicators signal it too. But then go through the individual charts. Go through the Naz 100. The bionuts and Interduds, the semis, and telecoms. Everything still looks horrible. This market could go either way, lets hope it's up this week for the sake of the millions of investors caught up in this bubble.
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AJ |
