Here's my NASDAQ chart read for the past week, and my prognosis for next week.
Note: Although I often report/summarize what Zeev thinks, this is my own personal take on the Naz, NOT HIS. In other words, take this with a lot of salt, except to the degree that my analysis agrees with Zeev and the other guys around here who know what they're doing.
Okay, with all the disclaimers out of the way, here, for the little it is worth, is what I think:
Weekly Chart:
The weekly chart shows a tepid bottoming candle. (See the chart for more extensive comments on this.) stockcharts.com[g,a]we...
Daily Chart:
The daily chart shows a two-candle topping formation, which is pretty weird after a one-day "rally" which didn't even manage to break a trendline. stockcharts.com[g,a]de...
Hourly Chart
The hourly chart has what I'm going to term an inverted Head & Shoulders which will stay intact through any conceivable retrace -- or even a dip below this week's low, for that matter. stockcharts.com[g,a]ee...
Conclusion:
All-in-all, what this tells me is that:
[1] the Comp has put in a really crappy bottom, (the weekly chart shows this); but,
[2] we aren't going up much if at all until we first go down for a retest, (the daily chart shows this); and,
[3] after the retest, we will have a cruddy little rally of about 100 points, (the hourly chart shows this); and,
[4] after the cruddy little rally, we will resume our slide to new, lower, lows. |
