George, we also had another 7.7% on the NDX after it hit 1600 then. Furthermore, I believe BB's, trendlines, and indicators are probably more relevant than the raw numbers on the VXN at this time.
There is a rising support line from some lows that intersects 47.50 on the weekly VXN right now. There is also a rising support off the May VXN lows that gets to 47.50 in a couple of weeks (currently at 44).
stockcharts.com[h,a]waclyyay[de][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
Notice how the MACD is close to rolling over on the VXN. When it crossed in Nov. 2001 and Jan. 2001, the top on the NDX was 3-weeks and 1-week later respectively. If we get that cross next week, the top could be possibly no later than the 1st or 2nd week of September, and possibly the end of August. |
