Today was interesting...
The sept double top measurement on the NDX was made yesterday...2537 and an exact 50% fib re-trace on the compx was hit I believe today.
Today the support of the left shoulder held on the NDX... this could very well be an exhaustion gap we are seeing here if the lows of today hold and are not breached. Otherwise just another continuation gap... then your target looks good I think.
stockcharts.com[L,A]WACLYYMY[DE][PB50!B200!A2465!A2580!F][VC60][IUB14!LA8,17,9!LH5,5!LI5,5!LK14]
I think the market gets propped at least tomorrow. Interestingly alot of fairly significant rallys have started at the beginning of the month, sometimes with big gaps.
stockcharts.com[L,A]DACLYYMY[DE][PB50!B200!D20,2!F][VC60][IUB14!LA8,17,9!LF!LH5,5!LI5,5!LG!LC20]
Also Dennis, MANY if not all of the RYDEX ratios w/Nasdaq are at or below the levels of the Oct 99 and May 2000 lows. Any semi sustained rally could really fuel a short covering scenario. It is what is LEAST expected to happen...
every rookie and their brother is now short this market... all the pros are wary I think, and ready to get temporary long in a heartbeat |
