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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

0.0%

Nov 14 4:00 PM EST

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To: Boplicity who wrote (66342)	1/9/2001 9:22:48 AM
From: KymarFye	Read Replies (1) of 99985

On NTAP, looks like downside it's got to hold above support at 47ish, also the 1-3 low. I'd estimate that normally you'd want to see a breakdown to the 45s at least, maybe more (or a failure to pull back and close above 47) given the stock's high volatility, esp. if you were hoping to put a stop anywhere close to 47. Needless to say, you risk missing one of those wonderful Nasdaq waterslides... On the upside, it's got that long descending trendline to fight through, which today happens to be running through 64, also a somewhat important level recently, but rather far from the current price (though we were there just a few days ago... same ol' story on the 'daq). If the techs fight off the NOK news and the AMZN downgrades (as seems very possible right now - a very bullish sign I'd think), then NTAP might at least make a go at the upper descending trendline, if not today then sometime soon. I'd watch for a definitive breakthrough - merely moving through it sideways wouldn't say much. I suppose I should add that this is just my interpretation of formation-based practices that I myself employ only secondarily in my own trading.

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