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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (573)5/1/1999 7:33:00 PM
From: Smooth Drive  Read Replies (4) | Respond to of 2103
 
Hello Chartseer,

>>Sicilian not Italian<<

My apologies. I thought you had said Italian somewhere along the way.

Let's update the QQQ P&F chart and the Bullish % chart that you keep the data on.

                                                     * 
114                                                  X *
112                                              X   X O * <BRRL
110                                              4 O X O
108                                              X O X O        
106                              X           X   X O X O
104                          X   X O         X O X O X O
102                          X O X O X   X   X O X O X   + 
100                      X   X O X 2 X O X O X O X O X + <2nd BLRL
99                       X O X O X O X O X O X O X O X 
98                       X O X O X O X O X O X O X O 
97                       X O X O   O   O X O X O +
96                       X O X *       O X O X *
95                       X O X   *     O X 3 X   * 
94                       X O X     *   O   O       * < BRSL
93                       1 O X       *   +
92                       X O           *
91                       X           +   *
90                       X         +       *
89                       X       +           *
88                       X     +               *
87                       X   +                   * < BRSL
86                       X +
85                       X                       + < 1st BLRL
84                   X   X                     +
83                   X O X                   +
82               X   X O X                 +
81           X   X O X O                 +
80           X O X O X                 +
79           X O X O                 +
78           X O X                 +
77           X C                 +
76           X                 +                     +
75           X               +                     +        
74           X             +                     + < BLSL
73           X           +                     +
72           X         +                     +
71           B       +                     +
70           X     +                     +
69 O         X   +                     +
68 O         X +                     +
67 A         X                     +
66 O       + X                   +
65 O     +   X                 +
64 O   +     X               +
63 O +       X             +
62 O X   X   X           +
61 O X O X O X         +
60 O X O X O X       +
59 O   O X O       +
58     O X       +
57     O X     +
56     O X   +
55     O X +
54     O +
53     +

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

A very interesting week for the QQQ. Showed major strength by its double top buy signal at 114. Yes it reversed down but there has been some major pullbacks in the NDX.

This has created a new Unofficial BRRL that will greet the next column of X's up at 112. The 3rd BLRL is also sitting in waiting at 116 with its resistance pads on. Of course there will be the horizontal resistance at 114 from last week's X.

If you step back some a look at the bigger pattern it was P&F trading range from January through March 30 when it hit 108 and for a double top buy and spread triple top buy signal. Heck it's even a catapult pattern (triple top buy at 104 followed by the double top buy at 108). And -- look at the nice ascending triple tops with the X column buy signals at 104, the next at 108 and now now 114. Higher tops and higher bottoms.

I really like the looks of this pattern, especially with the OTC Bullish % chart in a column of X's at 50% in Bear Correction risk status. If one was interested in going long, there are a number of P&F ways, but two obvious ones would be 1) buy here and place a sell stop order at 97, or 2) place a buy stop order at 110 (the reversal up point) and then a sell stop order at 102. I'm much more partial to the second method. Risk is always the bottom line, so we calculate it as: (Price Objective - Entry Point)/(Entry Point - Stop Loss) = (130 - 110)/(110 - 102) = 2.5/1 -- Now, if the chart continues on a downward journey, we would continue to lower your buy stop and maybe even withdraw it a particular time.

QQQ BULLISH PERCENT CHART

The grand ole P&F Sicilian Master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 

72
70 X
68 X O     X
66 X O     X O
64   O     X O
62   O X   X O
60   O X O X O
58   O X O X 
56   O X O X 
54   O X O X
52   O X O X
50   O X O X
48   O X O X
46   O X O X
44   O X O X
42   O X O X
40   O   O

This Bullish % chart is in Bull Correction risk status. (60% of the 100 stocks that make up the QQQ are on a P&F buy signal. And that means the other 40 are on sell signals.)

BULLISH PERCENT RISK STATUS DEFINITIONS:

BULL CONFIRMED: Occurs when a column of X's moves above the previous column of X's.

BULL CORRECTION: Occurs when a column of X's in Bull Confirmed risk status reverses down to a column of O's and 1) does not move below the previous column of O's, or 2) reverses down from above the 70% level but does not move to the 68% level or lower.

BULL ALERT: Occurs when a column of O's in Bear Confirmed risk status drops to the 30% level or lower, and then reverses up to a column of X's and does not move above the previous column of X's.

BEAR CONFIRMED: Occurs when a column of O's moves below the previous column of O's.

BEAR CORRECTION: Occurs when a column of O's in a Bear Confirmed risk status reverses up to a column of X's, and does not move above the previous column of X's.

BEAR ALERT: Occurs when a column of X's in Bull Confirmed risk status moves to the 70% level or higher, and then reverses down to a column of O's that drop to the 68% level or lower, and does not move below the previous column of O's.

NOTE: The above is just for grins and chart discussions. No recommendations of any kind are being made or suggested. Everyone needs to do their own DD or seek professional help when making investment decisions.

Take care,

Eric



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