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Strategies & Market Trends : MP - Market Pulse

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To: HairBall who started this subject	7/11/2001 8:35:58 PM
From: HairBall	Read Replies (1) of 1328

NDX Intraday Chart... My QChart “Intraday” – NDX (NASDAQ 100 Index) 130-Min Semi-log Chart Today’s price action found support in the area of the 4/17 pivot low (1603.99). With the futures engaged in an after hours rally it would appear that at least a short-term pivot was put in place today. However, we will need to see where the futures are at the open tomorrow. In regards to Les’ post to me referencing Feb 15th, I will call your attention to that price action as it can be seen on this chart. That day resulted in a gap up pop, followed by a gap down drop the next trading day. Ultimately over a 1000 point drop into the April 4th low followed that pop. I am not suggesting this will happen just pointing out Les’ reference. I was looking for a short-term rally to begin from my July 9th pivot date target with a back up target date of 7/12. The 7/9 pivot and following rally quickly became clear it would not result in the rally I was expecting into the 7/19. The price action began to form a bearish consolidation pattern know as a rising wedge. That implied more downside price action would follow and shifted my expectation to my next possible pivot date July 12th for at least a short-term low (+/- one-trading day). As always the market will let us know. My QChart NDX Chart can be viewed at the link below. Click on Chart 2 lgscharts.homestead.com Regards, LG

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