Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: The Freep who wrote (86255)	11/20/2003 11:19:40 PM
From: ajtj99	Read Replies (1) \| Respond to of 209892

The proxy I use for turns is the NDX. The SPX and Dow sometimes behave a bit differently, especially around the beginning of the month and the end of the month. That's one reason why I key off the NDX, as it tends to avoid some of those spikes. I'm treating the 1448 NDX high as a truncated 5th, so that would line up with the SPX 1063 high pretty well. The 8-day fib is plus/minus 1 sometimes, and sometimes I count the day of the high. Anyway, when you're around 8, I believe you should start looking for reasons why you'd want to be short or reasons why you don't want to go long. In a strong uptrend, we get 3-day dumps. As for the March uptrend, wouldn't a wave 4 be expected to break the uptrend before a 5 up starts? Furthermore, each time we broke the uptrend line we started adjusted support, and that could happen again. As for the trend, I have a couple of things I watch that flag a major change in trend, and they have not rung, so my work is pointing to the current trend continuing. As for the 50SMA, we broke below that in August, and it didn't keep us from moving up 250 NDX points afterwards. Have you looked at Jan. QQQ options? There are 245,000 puts at the 35 strike. It's still early, but stuff like that is useful also. Anyway, IMO, there are lots of reasons why this could be a low lasting a couple of months. However, I'm focusing on the reasons why this area should be bought for a swing trade up.