NDX deserves some respect here
Started by
NAV
, Sep 25 2007 10:34 PM
5 replies to this topic
#1
NAV
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Posted 25 September 2007 - 10:34 PM
I am sure most of you observed today that NDX broke out above major resistance on the weekly and monthly charts at 2273.98. The major resistance from May 2001, which was the rejection zone in July 2007 was taken out today. If we get a weekly close above this, it's very bullish. If we get a monthly close above this, then forget about all the double top ideas. Incidentally, this is the area where the parabolic advance in 1999 started. Not that all this matters to a ST trader like me. Just another perspective...
#2
da_cheif
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Posted 25 September 2007 - 10:44 PM
that line is the exact 38.2 resistance off that 2n wave pop in 2000...shud explode now....
#3
n83
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Posted 26 September 2007 - 03:28 AM
thought comp 2645 was the point where everything was supposed to melt like butter or get like butter to the upside..instead we promptly got the aug selloff after briefly going to the 2700s..
maybe it will work now 
(would like it to)
(would like it to)
Edited by n83, 26 September 2007 - 03:29 AM.
#4
Tor
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Posted 26 September 2007 - 04:42 AM
that line is the exact 38.2 resistance off that 2n wave pop in 2000...shud explode now....
Cheif, why use the 2nd wave pop as a pivot?
Better to use the top in 2000 at 4700 and the lows to October 2002 at 850?
Many thanks. I have sent you a pm on this too.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#5
skyymaster
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Posted 26 September 2007 - 07:10 AM
FWIW,
Short selling: Fed's rate move slows Nasdaq bears
By Peter A. McKay
The Wall Street Journal - September 26, 2007
(Copyright © 2007, Dow Jones & Company, Inc.)
Short-selling activity fell sharply on the tech-stock-led Nasdaq Stock Market in the latest monthly reporting period, which included a rally in tech shares as investors placed their bets ahead of the Federal Reserve's latest interest-rate cut.
For the monthly period ended Sept. 14, the number of short-selling positions not yet closed out at Nasdaq -- so-called short interest -- dropped 7.6% to 8,317,483,297 shares from 9,001,087,804 shares in mid-August.
Market-wide, the short ratio, or number of days' average volume represented by outstanding short positions at the exchange, was unchanged at 4.6.
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#6
da_cheif
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Posted 26 September 2007 - 07:20 AM
the market got it wrong like it allways does.......thought comp 2645 was the point where everything was supposed to melt like butter or get like butter to the upside..instead we promptly got the aug selloff after briefly going to the 2700s..
maybe it will work now
that line is the exact 38.2 resistance off that 2n wave pop in 2000...shud explode now....
Cheif, why use the 2nd wave pop as a pivot?
Better to use the top in 2000 at 4700 and the lows to October 2002 at 850?
Many thanks. I have sent you a pm on this too.
funny thing about 2nd waves and fibinacci........i discovered long ago that da boyz use that all the time.......
