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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Chris who wrote (34842)4/25/2002 12:36:53 AM
From: ajtj99  Read Replies (1) of 52237
 
Chris, there will be lots of jittery shorts once we get near COMP 1700 and near the end of the day tomorrow. Not too many shorts want to gamble on that GDP number unless they've been short for a while.

The NDX 1300/1302 area proved to be a bit of support. I believe that is what ultimately kept the COMP up at the end of the day. The NDX has a bit of support at 1280-1284, but that's minor. The real support is at 1238-1245. What this means is that on the test of COMP 1696 the NDX becomes subordinate to the COMP and stops wherever the COMP decides to stop.

With 3-black crows on the NDX and COMP, we could bounce to NDX 1337 and reverse, which is similar to the 50% re-trace the SOXX did on the last 3-black crows we discussed here.
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