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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (32665)	3/20/2002 7:42:04 PM
From: Susan G	Read Replies (2) \| Respond to of 52237

Here is his Nasdaq commentary... without the charts as I cannot post the link, it's a subscription page. Below 1,850 NASDAQ gaps down, continues lower after downside consolidation break. Watch upper trend line tomorrow. The commentary on this page is based on the NASDAQ Composite index. Equivalent numbers for the NASDAQ 100 are in () within the commentary. - SW Team From yesterday's commentary, "...The index formed a saucer top in the 15 Minute Chart...which implies that the index could trade lower to support at 1,850 (1,470). The index has also formed a trend line beneath the lows of a slight uptrend in the 15 Minute Chart. Watch for a downside break of this trend line at 1,870 (1,495) to confirm that the index will head lower..." The NASDAQ gapped down 20 points today and traded lower the rest of the day, breaking support at 1,850. The index formed an intraday consolidation that broke to the downside, which forecasted the continued downside move, seen in the 15 Minute Chart. If you look at the 60 Minute Chart, you can see that the index is now well below the 1,850 support level and thus could trade significantly lower. Also, the Daily Chart shows a lower high that has formed just below 1,900. Lower highs typically imply a further downside move. However, the NASDAQ has also formed a trend line across the highs of today's decent, seen in the 15 Minute Chart, similar to the Dow and OEX. A break of this trend line to the upside could spark an upside move. Short Term NASDAQ In the short term, the index has formed a trend line across the highs of the afternoon downtrend, seen in the 5 Minute Chart. Watch for a break of 1,840 to signal an upside move. Otherwise, the index will likely continue lower. Medium Term NASDAQ In the medium term, we exited our Long position at the Open at 1,860 (1,482) for a 10 (18) point loss. We then entered Short at 1,850 (no entry on NDX), but were stopped out at our entry on a reversal. We then re-entered using the Lower Low Rule (!) at 1,845 (1,470) and continue to hold this position. Hold stops at 1,845 (1,465). Wait for 1,850 (1,470) to be crossed to the upside before entering Long. Summary The NASDAQ gapped down and trended lower the rest of the day, taking us out of our Longs with a 10 (18) point loss and putting us Short from 1,845 (1,470). We continue to hold Short, with stops at 1,845 (1,465). Go Long above 1,850 (1,470). Thank you for listening and good luck in your trading. Ed Downs edowns@nirvsys.com