4 replies to this topic

[SemiBizz]

http://stockcharts.com/c-sc/sc?s=$COMPQ&p=DAILY&b=5&g=0&i=0&r=6262$.png



Yesterday the Nasdaq failed to test the 2438 volume low and ran out of gas on the way down on the light volume leaving room for the bulls to do what they do best today... namely tack on big price on light volume (bearish upthrust). Since we broke yesterday's high on even lighter volume the odds favor a test of yesterday's low now on the way to 2438. Strong volume can come into the market at any time and change the picture in either direction. What I'm saying here is 2438 then 2496...

[Rogerdodger]

I vote for that.

[Caduceus]

I can agree with that as well but I see the potential for this to go further than most are expecting if we see any follow through below 2438. Here is another chart I am keeping an eye on... [attachment=5295:attachment]

[SemiBizz]

OK, extended upthrust on vapor now... so I'll look for a test of 2496 and short it... I strongly preferred this to develop the other way first, testing that 2438 then springing, this is getting more BEARISH by the minute as long as the volume is this stays this light...

Edited by SemiBizz, 14 February 2007 - 10:11 AM.

[SemiBizz]

Still looking for bearish upthrust. Volume is a little snug, but we need over 2.1B if and when we get to 2497+. I am sorta expecting 2501 then a pullback to start. Target is 2438.