Nasdaq for Friday (Room) 2/22

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

The way this one reads tonight... retest yesterday's low of 2291, then a bounce as high as 2320, then a strong move under 2291 towards the interim target of 2251. Your risk here short or long is well-defined. The Nasdaq must close over the 2320 Spike high of 1/23 to prove it can go higher. This is a good place to enter/exit positions.

Edited by SemiBizz, 21 February 2008 - 07:29 PM.

Semi-THX for sharing, love checking out your volume work!

My plan is to lock in profits early with the 15 min macd waning,
and reload assuming it doesnt convince me otherwise with power.
But daily chart is early for the SDS, last two times the daily bands squeezed suddenly
there was no looking back, RSI 5 at 56 with room to 85+.

http://bigcharts.marketwatch.com/charts/big.chart?symb=nasdaq&compidx=aaaaa:0&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=4&size=2&state=9&sid=3291&style=320&time=4&freq=1&nosettings=1&rand=7570&mocktick=1.gif

The way this one reads tonight... retest yesterday's low of 2291, then a bounce as high as 2320, then a strong move under 2291 towards the interim target of 2251. Your risk here short or long is well-defined. The Nasdaq must close over the 2320 Spike high of 1/23 to prove it can go higher. This is a good place to enter/exit positions.

What this chart shows is that even with stronger volume all we did was move sideways... This is reflected in the intraday charts today, look at the QQQQ and you can see it. When strong volume takes us sideways, that is clearly distributive...

Edited by SemiBizz, 22 February 2008 - 09:56 AM.