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

To: HairBall who wrote (24221)	1/24/2002 10:02:18 AM
From: r.edwards	Read Replies (1) \| Respond to of 99280

FRL is ? future res. level ? tia .

To: HairBall who wrote (24221)	1/24/2002 11:32:23 AM
From: ajtj99	Read Replies (3) \| Respond to of 99280

Actually, LG, I was talking mainly about an FRL that forms by connecting the NDX high of 1735 on Dec. 6 to the pivot high of NDX 1710 on Jan. 9. That's the line I believe will come back in play in the spring. It is dropping 25-points a month, and can give us overhead resistance that can set up a series of lower highs going into a re-test of the Sept. lows. Sorry I can't draw a chart here. Here's what I said yesterday: "BTW, what do you think about the FRL on the NDX from the Dec. 6 pivot high? It appears to me this could turn out the be a very important line in the spring and summer months, especially if we get a drop to the bottom of the COMP / NDX wedge at 1646/1320 or so. Near term, whatever local top we get here could also be a good FRL for the next 2-months on the COMP as we possibly take care of the wedge and a H&S on the NDX." Today's gap up was a logical step by the MM's. The question is, do we get the rest of this move with the help of another gap-up? I'd say the chances may be better than 50-50 on that.