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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: TraderXx who wrote (7742)	11/24/2001 4:49:33 PM
From: ajtj99	Read Replies (1) \| Respond to of 99280

TraderXx, draw the SOXX trendline originating from the October 3 pivot low through the Oct. 30 pivot low. I think you'll see the close Wednesday was below that line. Friday's close was at the line, but we still breached it this week. There is an even less generous line you could draw from the Oct. 3 low through the Oct. 21 low, but for the current line I prefer to use the adjusted support/resistance line going through the Oct. 30 low. Now, the SOXX is above the falling resistance line originating from the two pivot highs in August, but that line was briefly breached on Wednesday, indicating some weakness. Zeev mentioned a bounce on Wednesday, and that could coincide with the SOXX becoming oversold on the daily. Needless to say, the SOXX is at a crossroad, and it it does not continue up, with a close around 520 on Monday, it should still be considered as having broken its uptrend.