Nasdaq Monday 4/28

You be the judge, I think on light volume on Monday, I would cover... Now the target to prove it can go lower is very modest - 2383. You had an inside day on lighter volume that didn't break the previous day's high, says to me although we can and should test lower that the door is quite open to testing 2383 on light volume and springing right back up. Now, let's look at the other side here... if we open appreciably higher where could we expect resistance? At this point intraday pivot resistance has been easily broken on the last day of volume on Thursday... now that implies we could test that area again, and as you know, there's a "tiny gap" available to test at 2455, so that's what we'll look for in case Superman and Lois Lane arrive on Earth with the answer to all our problems... It's still a long way for Nasdaq to make the .50R level at 2508.... Now, in case you were wondering what the congestion is here besides the volume, and why Nasdaq is stalled here.. the .382 of the move is 2425. We still closed under it, so that's why I am also suspicious the first move may be down, before we go up and try and test that gap. Either way, this is on vapor volume. Ladies and Gentlemen, the bubble is still alive and it's directly over the top of NYC and it's suburbs. They can only remotely sense the pain of the rest of our country feels... after all, how many people drive in NYC? I circled some of these familiar doji markers... it may be a clue. And I did miss another one in the upper left hand part of the chart, you can see for yourself... I guess there's one more thing I left out... Now Nasdaq monthly candle trend did have the chance to turn down in March and failed, but the SPX did go Downtrend. So while the Nasdaq monthly trend still points UP.. the daily candle count trend is still pointing DOWN, or just the opposite of the SPX (monthly DOWN, daily UP) candle trend. Now what's the message? I think it's about higher commodity prices, just when you thought they couldn't go any higher...

Edited by SemiBizz, 26 April 2008 - 10:12 PM.

Semi...i just replied in another thread about $SPX but wanted to show $COMPQ...Again using the July high as the end of the impulse wave...this scenario assumes October high was part of an irregular flat so I am ignoring it for fib purposes...

http://stockcharts.com/c-sc/sc?s=$COMPQ&p=D&yr=0&mn=10&dy=10&i=p69893462316&a=137505976&r=2173.png

I am not an E-Wave person, but from what I have seen, you will only know in hindsight if the November high was "irregular" or not. What I did here is a simple fib analysis of this last move down, I will leave it to the "X-wave" believers and theorists to try and grasp whether or not for their long term views if the November high was an anomaly... I have issues with E-wave, but I'm not going to get into that here. I still believe the most accurate answers can be found using simple methods...

Actually it was late last night and I should have said "expanded flat". I agree Semi know one knows for sure if October high was the end of the impulse or the July High was. Just consider that IF you use the July High we are at the 50% retrace on $COMP and almost there on $SPX. I am not even trying to justify a position (I am currently flat) just throwing something out there for everyone to consider.... SL