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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (1000)7/20/1999 11:40:00 AM
From: marcher  Read Replies (1) | Respond to of 2103
 
Hi Chartseer & Jim!

wow, what a dump this morning...looks like support at ~114 1/2, if breaks below 114--3q's in trouble...




To: chartseer who wrote (1000)7/21/1999 12:52:00 AM
From: Smooth Drive  Read Replies (4) | Respond to of 2103
 
Hello Seer,

Seer, when you refer to QQQ being overbought, is that per the ole eyeball, Bollinger Bands, above a moving average, or something else?

The chart came within a breath of reversing today with a low of 116.5 Do you think it'll reverse tomorrow Seer?

122                                         X
120                                         7
118                                         X
116                                         X
114                             X           X
112                         X   X O X       X 
110                         4 O X O 5 O     X
108                         X O X O X O X   X     
106         X           X   X O X O X O 6 O X
104     X   X O         X O X O X O   O X O X
102     X O X O X   X   X O X O X *   O X O
100 X   X O X 2 X O X O X O X O X   * O X *    
99  X O X O X O X O X O X O X O X     O X   * < BRSL
98  X O X O X O X O X O X O X O       O *
97  X O X O   O   O X O X O               *
96  X O X *       O X O X *                 * < BRSL
95  X O X   *     O X 3 X   *                  
94  X O X     *   O   O       * < BRSL        + < 1st BLRL
93  1 O X       *   +           *           +
92  X O           *               *       +
91  X           +   *               *   +
90  X         +       * < BRSL        +
89  X       +           *           +   *
88  X     +               *       +       *
87  X   +                   *   +           *
86  X +                       +
85  X                       +   *
84  X                     +       *
83  X                   +           *
82  X                 +               *

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

QQQ BULLISH PERCENT CHART

The grand ole P&F Sicilian Master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 

74             X       7   X
72             X O     X O X O
70 X           X O     X O X O
68 X O     X   X O     X O   O
66 X O     X O X O X   X     O
64   O     X O X O X O X     O
62   O X   X O X O X O X     O
60   O X O X O X O X O X
58   O X O X 5   O X O X
56   O X O X     O X O X
54   O X O X     O X O X
52   O X O X     O X O X
50   O X O X     O X O
48   O X O X     O X
46   O X O X     O X
44   O X O X     6
42   O X O X
40   O   O

This DAILY Bullish % chart is in Bear Confirmed risk status.

Now here's a 10 Day Moving Average Bullish % Index of the same data and it's in Bull Confirmed Risk Status.

74
72           X
70           X
68           X
66       X   7
64       X O X
62 O     X O X
60 O     X O X
58 3     X O X
56 O X   5 6 X
54 O X O X O X
52 4 X O X O X
50 O   O   O
48

As you can see Seer, there's a heck of a difference between the daily and 10 DMA bullish % charts.

BULLISH PERCENT RISK STATUS DEFINITIONS:

BULL CONFIRMED: Occurs when a column of X's moves above the previous column of X's.

BULL CORRECTION: Occurs when a column of X's in Bull Confirmed risk status reverses down to a column of O's and 1) does not move below the previous column of O's, or 2) reverses down from above the 70% level but does not move to the 68% level or lower.

BULL ALERT: Occurs when a column of O's in Bear Confirmed risk status drops to the 30% level or lower, and then reverses up to a column of X's and does not move above the previous column of X's.

BEAR CONFIRMED: Occurs when a column of O's moves below the previous column of O's.

BEAR CORRECTION: Occurs when a column of O's in a Bear Confirmed risk status reverses up to a column of X's, and does not move above the previous column of X's.

BEAR ALERT: Occurs when a column of X's in Bull Confirmed risk status moves to the 70% level or higher, and then reverses down to a column of O's that drop to the 68% level or lower, and does not move below the previous column of O's.

NOTE: The above is just for grins and chart discussions. No recommendations of any kind are being made or suggested. Everyone needs to do their own DD or seek professional help when making investment decisions.

Take care,

Eric




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