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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (7678)	9/22/2002 11:37:17 AM
From: ajtj99	Read Replies (1) \| Respond to of 30712

Here's a chart on the NDX weekly: stockcharts.com[h,a]waclyyay[df][pb20!b50!b200!c13!c20!c50!i!d20... Note a couple of things (I posted these earlier to someone who was discussing Bollinger Bands). When the price action bounced off the lower BB, it was either turned back at the upper BB or usually the middle BB, flagged out until it touched the middle BB, or was turned back by a Moving Average (most often the 13-EMA). We have not hit the middle BB on the weekly since March of this year. We have closed under the 13-EMA ever since then. We closed under it in August after briefly piercing it. We did not flag out from that point. We do not have moving average support below the current price level on the weekly chart to bounce from. The lower BB on the weekly NDX is at 785 on the weekly and dropping. That supports a drop to at least NDX 785 and likely lower on the next drop, as that line could be at 725 in a month. Also, on major lows we often pierce the weekly lower BB by 50-200 points. I would not be surprised to see it pierced by 50-points on a low in the end of October at NDX 675.