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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (23907)	8/14/2001 12:40:04 AM
From: LTK007	Read Replies (1) \| Respond to of 30051

doug/aj et al--ST places the crical support on NDX100 at 1580,with this commentary tonight.<<The NDX (tech stocks in general) has tested and held the 1580 area 3 times now. This is a particularly important support level from 4/17 when the markets gapped up (see NDX chart near the bottom of the daily drop-down menu) a few days in a row in anticipation of a rate cut. In the simplest of terms, in order for the market to move higher we need to determine if the extraordinary price action on those days was justified. Wildly optimistic or pessimistic assumptions (market swings) are always tested if not corrected. So far, each test has held. A close below this level would suggest a test of the market exuberance which occurred from 4/4 through 4/10...which makes this support area a BIG DEAL, therfore, its imperative to understand our desire to continue to exercise extreme caution at these levels. The market continues to take its own sweet time here to make sure the test is thorough. >> end quote.i added the boldface