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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (1248)	8/28/2001 8:23:35 PM
From: Teresa Lo	Read Replies (1) of 8752

You are right...it's all about to come to a head. Shortly. Anxiety all focused on tomorrow's GDP number. It was an evening star, at resistance: trendvue.com T. EDIT: I just realized that the candlestick charts are in the premium content section for subscribers of trendVUE PLUS and trendVUE Live!, so here's an excerpt: Another Perspective with Japanese Candlesticks Let's take a quick look at the daily charts of the indices using Japanese Candlesticks. ottographs.com The NDX has bounced back to the 1600 level, which used to be support. The question here is if support broken on the way down will become resistance on a bounce. Note the ADX is in the mid-20s and rising. Yesterday's candle was a "long-legged doji", meaning it traded higher and lower but closed about where it opened, in the middle of the day's range. This represents supreme indecision. The question now is if we have the first two candles (Friday and Monday) of a three candle reversal pattern at resistance. If you are still long the QQQ on this upswing, my suggestion is that the stop loss be tightened up to yesterday's low of $38.76. If you wish to short it in case of reversal, a break of $38.76 is a good place to look for a swing trade. My only caution is that if the NDX does not collapse in a big way after taking out yesterday's low, then be careful, as these Japanese candlestick patterns need confirmation in the form of a big down day.

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