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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (118409)12/7/2000 11:57:45 AM
From: Jenna  Read Replies (2) of 120523
 
Technical Reason nasdaq struggling marketgems.com
NQ's have not be able to break out of the ascending triangle to the upside of the 5-minute chart. Resistance there is the 200 period moving average. When Naz was down only 8, the NQ's hit a wall of resistance as it tried to test that MA at the 200 period moving average and was knocked down with those two bearish bars and now they are also having trouble keeping above the support level of the 20 period moving average. Should that be taken out to the downside, we might have a replay of yesterday's move at 1:50 to 1:55 when the bottom dropped out of the nasdaq as the nq's broke their DESCENDING triangle to the downside. Now we are in a little better shape but not by much unless there is a clear trend reversal.

Where you see the window of the directional movement indicator we also can clearly see a convergence of the 3 indicators (ADX,-DX and +DX) indicating no real clear trend (when nas was down 8)... but soon after the breakdown of the ascending triangle and the consequent failure to test resistance of the 200 period moving average, there was a crossover of the -dX over the +DX, indicating the trend was clearer to the downside. If the ADX starts to rise and the spread between the -DX and +DX widens, we will be in trouble..
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