It looks like a small bearish wedge is forming on the $NDX...You can see on the spreadsheet derived charts, that the price action is just past the 1.000 node on the Average Crossover chart, and the price is scheduled to hit overhead resistance on the 1.272 Crossover chart tomarrow...Both ways of looking at the market, to me, seems bearish...
10 comments:
Mark,
as usual, thanx
old john
What do you think of today's pattern Mark?
Seems like everyone knows there is a wedge forming in the index, even CNBC was talking about it.
Which way do you think? Thanks!
Hi Shawn,
I think we break down, I have a cycle bottom expected on 3/3/08, but the only question in my mind is that, will that hold to produce a tradable bottom...I've seen those wedges also, and the timing off of those would normally produce a longer term decline then that which I have been anticipating...So the short answer, I think we're going to breakout to the downside, but I havn't resolved in my mind, how long or how far down we go...
But I suspect that will clear itself up fairly quickly...
Regards,
Mark L.
Mark,
nice call
old john
Hi John,
Thanks for the support and compliments!
Mark L.
Good call Mark! Played QID today for a tiny profit. VIX kept me nervous though.
Although the smart money OEX Put Call ratio seems to think very bullishly about the market at this juncture.
Mark,
do you have a downside target for NDX?
thanx
old john
Hi John,
I'm still chewing on that one..I'm thinking we have at first more of a time limit out to 2/29 or 3/3/08, then a price limit, though I wouldn't be surprised to see us go below the 1/23/08 low at 1693.06. If you look at the point and figure charts, they are giving a price limit of 1630..Using Fibonacci by one method, I come up with 1674..so unfortunately we'll have to play by ear as the different methods havn't converged (yet)...
Regards,
Mark L.
Mark,
thanx
old john
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