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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Susan G who wrote (20062)	7/6/2002 12:42:42 PM
From: Susan G	Read Replies (1) \| Respond to of 26752

The NDX has not had more than 2 up weeks in a row since last October, this week will be REALLY telling with its weekly candle on Friday. Is it real or just another trap... mywebpages.comcast.net The index has also not closed over the 9 EMA weekly since March, still a mile awhile to so that will be a huge test of resistance - and very telling - when the NDX nears the the 1150-60 area. The quadruple top (!) around 1075 on the daily chart will also be a big test of resistance, especially since the 20 EMA daily is right at 1072. The NDX has not closed over that on a daily basis since May. It also looks like the September lows may now act as resistance, as swing lows often do, especially since that level is now broken support from another descending triangle, (like the COMPX 1697 level which was incredible resistance once broken and last week reached within 40 pts of the 400 pt measurement the triangle projected with the break). A little scary that this index is still in a bearish descending triangle pattern until it breaks above the downtrend line from the January highs. And a chart from Jorj of recent S&P rallies, a picture is worth a thousand words <g> stockcharts.com[w,a]daclyyay[d20020301,20020705][pb50!b200][vc60][iub14!la12,26,9][j3430856,y]&listNum=1