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

To: DebtBomb who wrote (87704)	6/27/2002 9:29:33 PM
From: ajtj99	Read Replies (3) \| Respond to of 99280

Dale, I beg to differ on the April 4 bottom: stockcharts.com[h,a]daclyyay[d20010325,20010411][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G The drop to 1700 after the rise to 1785 qualifies as a re-test. The candle the following day confirmed it. The gap support at 1698-1706 COMP was tested and held all but 2-points. The next day there was a higher low at 1710, so the re-test was confirmed and the gap held. We don't have gap support above our low, so a re-test that gets within 1.5 to 2% is to be expected 3-4 days after the low. The April low did have a re-test 3-days after the low, and the SOXX low shows you how that happened: stockcharts.com[h,a]daclyyay[d20010325,20010411][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G The SOXX tested it's low within 2-points. Here's where the SOXX is today: stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G There is the 13-day EMA at 409. I think that holds the SOXX in check, and it turns and tests the low by Tuesday. The test might only get as low as 370 or 380, but that is still lower than today's low.