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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Steve Lee who started this subject11/27/2001 12:08:31 AM
From: Alex MG  Read Replies (1) of 99280
 
1940 on the NAZ is not the key level IMO... Key resistance is at NAZ 1970 and SPX 1171. These levels represent not only the key Fibonacci retracement levels but in the case of the NAZ, it is also the longer term moving average.

One of the oldest and best rules of professional traders is to sell every first rally to major resistance. The thinking is these levels are rarely penetrated on the first attempt, and the weak volume lately and huge rally over the past two months is not likely to spark much new buying.
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