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StockCharts.com's Weekly Summary of Market Trends, Signals and Changes
26 January 2002
Hello Fellow Chart Watchers!
Several more negative chart developments developed last
week including the anticipated Point & Figure reversal on
the Nasdaq Composite's traditional P&F chart. On Tuesday
the 22nd, the Nasdaq moved below the 1900 level triggering
this important reversal:
Nasdaq Composite|Nasdaq ($COMPQ) INDX
25-Jan-2002 O:1,929.15 H:1,951.79 L:1,923.06 C:1,937.70 V:1,644,300,000 Chg:-4.88
© StockCharts.com
3,650.00 | | | | | 3,650.00
3,600.00 | + | | | | 3,600.00
3,550.00 | + | | | | 3,550.00
3,500.00 | + | | | | 3,500.00
3,450.00 | X + | | | | 3,450.00
3,400.00 | X O + | | | | 3,400.00
3,350.00 | B O + | | | | 3,350.00
3,300.00 | X O + | | | | 3,300.00
3,250.00 | X O + | | | | 3,250.00
3,200.00 | O X + | | | | 3,200.00
3,150.00 | O X O + | | | | 3,150.00
3,100.00 | O X O +| | | | 3,100.00
3,050.00 | O X O |+ | | | 3,050.00
3,000.00 | O X O X | + | | | 3,000.00
2,950.00 | O X O X X O | + | | | 2,950.00
2,900.00 | O O X O X X O | + + | | | 2,900.00
2,850.00 | O X O X O X O | X + X + | | | 2,850.00
2,800.00 | O O X O X O | X O X O + | | | 2,800.00
2,750.00 | O X O O | X O 2 O + | | | 2,750.00
2,700.00 | O C O | X O O + | | | 2,700.00
2,650.00 | O X O | X O + | | | 2,650.00
2,600.00 | O X O | X X O + | | | 2,600.00
2,550.00 | O O X| X O X O X + | | | 2,550.00
2,500.00 | O X|O X O X O X O + | | | 2,500.00
2,450.00 | O X|O X O X O X O + | | | 2,450.00
2,400.00 | O X|O X O X + O O + | | | 2,400.00
2,350.00 | O X|O X O X + O + | | | 2,350.00
2,300.00 | O |1 O + O X + | | | 2,300.00
2,250.00 | | + O X O X + | | | 2,250.00
2,200.00 | | O X X O X O + | | | 2,200.00
2,150.00 | | O X O X O X O 7 + + | | | 2,150.00
2,100.00 | | O X O X 6 O X O X X +|+ | | 2,100.00
2,050.00 | | 3 X 5 O X O X O X O|X + |High| 2,050.00
2,000.00 | | O X O O X 8 X O|X O | | 2,000.00
1,950.00 | | O X X O O O|1 O |Avg | 1,950.00
1,900.00 | | O X O X O|C O | | 1,900.00<
1,850.00 | | O X O X O|X |Low | 1,850.00
1,800.00 | | O O X O|X | | 1,800.00
1,750.00 | | 4 X 9|X | | 1,750.00
1,700.00 | | O X O|B | | 1,700.00
1,650.00 | | O O|X | | 1,650.00
1,600.00 | | O|X | | 1,600.00
1,550.00 | | O|X | | 1,550.00
1,500.00 | | O|X | | 1,500.00
1,450.00 | | A|X | | 1,450.00
1,400.00 | | O| | | 1,400.00
1,350.00 | | | | | 1,350.00
1,300.00 | | | | | 1,300.00
1,250.00 | | | | | 1,250.00
1,200.00 | | | | | 1,200.00
01 02
One of the great things about P&F charts is that they are
very easy to interpret (Click here if you want to learn
more). Even if you don't understand how they are created,
you can see that this chart has been very bearish for
months and that the on-going downtrend has not been
significantly penetrated since September of 2000 (The
red "9" in the upper left corner of the chart indicates the
start of the ninth month). Also, note the huge surge in
volume that occurred during the most recent rising column
of X's. This indicates that the recent rally was very
strong indeed which may be why a retracement has been slow
to materialize.
John, Arthur, Carl, and Richard has their take on the
market later on in this newsletter. But first... |
