MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: macavity who wrote (6464)	2/8/2001 5:34:41 AM
From: macavity	Read Replies (1) of 19219

Ameritrade Index - 94.14% from 51.44% Admittedly it appears to be all in CSCO, but I think that it is a good guess to say that there is still a lot of bullishness out there. NDX/QQQ: J.T. - I am still unsure of this Feb 8 -10th low. I make it around Mar01 and Mar02 using the 50D Cylcle from 21Dec00. I am not saying that there is not a cycle low in the coming days, just that I do not know which cycle it belongs too. I only know of 2 - the 50/51D cycle and a 130 day cycle. I get QQQ target from the Head and shoulders pattern in the hourly charts to be QQQ~57 and we still have not got there yet. The NDX/QQQ was overbought for about 10 Days in January. The fact that it is now getting/reached o/sold does not force me to think that we have to go up. I am coming to the belief that we will retrace most if not all of the Jan01 rally. With TLAB and INTU having cracked there are now no (tech) stocks in NDX that could be considered o/bought, apart from that surrogate child QCOM (using a 10 Day Stochastic). If we look at the retracements of the tech sectors. IIX has retraced 62% SOX/BTK have done their 50% XCI/XTC have not yet retraced even 50% Looking at the SOX stocks I see the 62% retracement level SOX=610 as easily do-able, and also SOX=600 (There is not a lot of support). The SOX has by far the best basing pattern of all these indices and if it can get to 600 then I guess NDX can go right back down to the bottom. I will put in a tentative long around the QQQ~57 level(but this is just for a trade). Tech has clearly not formed a viable base from which to rally. I still believe that a rally will come; we will just have to wait for all this bullishness to disappear and a return to the Jan lows. (Oh yeh the MacClellan Osc for the Naz looks to be crossing zero) -macavity

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next