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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 692.76+0.5%Jan 26 4:00 PM EST
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To: el paradisio who wrote (61636)10/31/2000 1:04:32 PM
From: KymarFye  Read Replies (1) of 99985
 
I see what you're saying, but, whether you're looking at the Nasdaq comp. or the QQQ (daily, 30-min, whatever), the immediate implication of the short-term island formation has been fulfilled (re-tracement of prior minor move). May just be a distinction in terminology without much of a difference, but, though the 3340 area on the comp. may amount to a good signpost, I wouldn't call it resistance in the same sense as a level marked by an important intermediate low and failed penetrations (i.e., the famous Cleavage at 3521, to a lesser extent 3314).
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