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Strategies & Market Trends : MP - Market Pulse
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To: HairBall who wrote (582)7/12/2001 8:24:02 PM
From: ajtj99  Read Replies (1) of 1328
 
LG, I guess I don't have the lingo down right yet.

I was referring to the falling resistance line on the NDX.
I took it as a given that we were above the rising support trendline.

From the chart I looked at (maybe Eicher's) it appeared the Falling resistance line (FRL?) was at about 1800 on the NDX by tomorrow.

In any case, it appears to me we are trading in a very narrow range (1750-1800 NDX) until one of the lines is breached. With a possibility of 2-gaps under us to fill and a superficial, short-covering rally, a break below 1750 would seem imminent. But when? That is the question we all will need to answer.

I'm going to be watching the NDX more and more closely now, since it is leading this rally.

Longer term, the daily stochastics are still in the oversold range for the COMPX and NDX. Maybe by Monday they will move into neutral range for a drop afterwards. Looking at February and March stochastics, I can see we can stay oversold for quite some time in a downtrending market.

If we have a drop after expiration into the end of the month, a final blow-off rally could set the stage for the final drop to a double bottom in late August.

I see NDX futures up over 20 now, but SPX up just a couple points. Sector rotation chasing tech money? That should dry up real fast.
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