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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Jill who wrote (944)	8/3/2001 7:02:20 AM
From: Vendit™	Read Replies (1) of 8752

This is meant only as a general explanation of how I see the current trend shaping up. This chart shows the peak formed in 1998, which when once it was broken to the upside our recent NASDAQ bull run began. That same point is now the general base of support today and has recently been tested several times. The exact level is 1996. Look closely at the right side of the chart and you will see the tiny trend lines I drew for the current time frame. angelfire.com Same chart zoomed to 1 year. Note the upper trend line was successfully breached to the upside over the past few days. angelfire.com Now we draw in the next lain upper horizontal upper resistance line that is located at about 2225. That is going to be a major area to plow back through. angelfire.com Zoomed to 3 months and an additional trend line added shows new short term lower support at 2078. angelfire.com In the above chart you can see that stochastic is in the way over-bought area so this up trend cannot be sustained much longer before lower support is tested once again. Upper resistance areas are as follows; 2105 2131 2180. Next lower support is; 2078 2010 My opinion is that this is not a market to get comfortable with in playing the long side just yet. Trailing stops are a very good idea IMO.

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