Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Zeev Hed who wrote (714)	10/17/2001 11:06:08 PM
From: ajtj99	Read Replies (1) of 99280

Zeev, NDX is much closer to the bottom of its recent gap-up. NDX closed at 1314, which is very close to the October 4 high. 1304 will close the gap-up from October 11. Below that, 1280 is a slight level of support. My guess is that the NDX hits around 1304 and closes at or above it the next couple of days, bouncing from that level. We lose our Island Reversal, but the uptrend is still maintained. The main reasons I'm in your camp about this being a short-term low is the lack of distribution on the top, the gap-up forming the top, and the mitigating factors of Max Pain options expiration this week. That plus the obvious overbought conditions makes this a violent, but not totally unexpected move. 1264 NDX is the level at which I change my tune, which would be 1580 COMPX you and Larry cite.

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