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

To: jjstingray who wrote (49881)	4/10/2002 11:10:25 PM
From: ajtj99	Read Replies (1) \| Respond to of 99280

jj, first of all, I'm no pro at this by any stretch of the imagination, and I've got a pretty good imagination. jj, we had a pretty fair reversal today, and re-traced to rise from that reversal by 50%. I think the next resistance above is NDX 1375. If that gets taken out, we could go all the way to NDX 1405 or so, which was the last pivot high I believe. Above 1405, we have lots of places to get above. 1407 is the 13-day EMA, 1415 is another pivot high, there is an SRL at about 1440, and there is the 20-day EMA at 1423. There is also a pivot point at 1442, I believe. In other words, if we get to 1375, we could run very easily to 1405. Above 1405, it could be a bit more difficult. You may want to hedge your puts below 1375, drop your puts at a strong breach above 1375, and cash in calls at 1405-1415. That's a pretty fundamental way to play the support and resistance without getting burned, IMO. I do think there is a re-test of this level due, but I'm not sure we'll get it right away. Maybe it will take another week or until April 19. Oh, forgot, the middle BB on the NDX is at around 1440 also. I think 1442 is a pretty strong barrier near term. Above that would be bullish to around 1500 or so.