5 replies to this topic

[SemiBizz]

Posted Yesterday:
Nasdaq 2461
Expecting a bounce back up to the 2481-84 area and then 2443

http://bigcharts.mar...&mocktick=1.gif

Edited by SemiBizz, 18 January 2007 - 09:57 AM.

[SemiBizz]

Caution: FAST MARKET. You can expect shallow retracements back up now and then additional downlegs. There will probably be a sharp spike up on false hopes that it's just a correction. BINGO - just like that and we're 50 pts off the high. VOLUME is STRONG

[SemiBizz]

FAST MARKET... We're exceeding the pivots on the downside here. The last one was 2451, we blasted through a gap support this morning on huge volume. Next support 2447, 2443, 2441, 2437, 2434. When a pivot is exceeded, like the 2451, it's usually a strong indication that the next one is going to be tested. WHY? VOLUME. Breaking down on VOLUME. 30 day hourly chart points to 2462 test before another downleg starts. (12/15)

Edited by SemiBizz, 18 January 2007 - 10:26 AM.

[SemiBizz]

The high of the hourly chart spike from 12/15 is 2470, that is the new hourly resistance.

[SemiBizz]

This Fed Report coming up is very important... not because of the content, but because we are going to get an answer to the question as to whether all news is going to be construed as "Bad News". We've seen just the opposite since mid-July... that's just about 6 mos. so we're ripe for a turn there too...

[SemiBizz]

Today we're testing what happened on 12/15 on the daily. We're working our way back to the range of the high volume doji from 1/3. 2394-2454. We are in that candle presently. A close on high volume under 2454 implies a test of the low.