frightful
15-01-2003, Wed 3:22 PM
Lower Trend Line
NASDAQ continues slow upmove, continues to forms clear lower trend line. Watch 1,450 tomorrow.
The commentary on this page is based on the NASDAQ Composite index. Equivalent numbers for the NASDAQ 100 are in ( ) within the commentary. - SW Team
From Yesterday's commentary, "...you see that we have formed an upward-sloping range at the recent highs with the lower boundary crossing at 1,440 (1,080). Typically, this type of range will result in a downside break...We will also watch 1,453 (1,090) up, as a break through this level could send the index trending higher within the sloping range..."
The NASDAQ continues to trade higher within the upward-sloping channel boundaries and will likely continue to do so until a clear break from the range occurs. Looking at the 15 and 60 Minute Charts, you see that the index has also formed a clear lower trend line beneath the lows of the recent upmove that began at the beginning of this year.
The index will likely continue to trend higher above the lower trend line until a clear downside break occurs. Watch for upside follow-through as the 1,465 (1,100) level is penetrated. A downside break from the channel and the lower trend line at 1,450 (1,085) will very likely fuel a significant retracement.
Short Term NASDAQ
Short term, the NASDAQ has formed a trend line beneath the lows of the late-day upmove, seen in the 1 Minute Chart. A downside break of this line at 1,458.5 (1,093) will indicate weakness at the Open.
Medium Term NASDAQ
In the medium term, we were whipsawed out of two Long positions today. The first entry occurred at 1,454 (1,092), and the second at 1,456 (1,094), with each ending in a 5 (5) point loss. We are now out of the market and will watch 1,450 (1,085) down, and 1,465 (1,100) up, with 5 (5) point stops.
Summary
The NASDAQ continues to trade higher off the clear lower trend line, seen in the 15 and 60 Minute Charts. This lower line is key as it will likely dictate direction for this index (a trend line reversal or trend line break). Watch for an upside continuation above the line until a solid downside break occurs. We are out of the market and will watch 1,450 (1,085) down, and 1,465 (1,100) up tomorrow.
NASDAQ continues slow upmove, continues to forms clear lower trend line. Watch 1,450 tomorrow.
The commentary on this page is based on the NASDAQ Composite index. Equivalent numbers for the NASDAQ 100 are in ( ) within the commentary. - SW Team
From Yesterday's commentary, "...you see that we have formed an upward-sloping range at the recent highs with the lower boundary crossing at 1,440 (1,080). Typically, this type of range will result in a downside break...We will also watch 1,453 (1,090) up, as a break through this level could send the index trending higher within the sloping range..."
The NASDAQ continues to trade higher within the upward-sloping channel boundaries and will likely continue to do so until a clear break from the range occurs. Looking at the 15 and 60 Minute Charts, you see that the index has also formed a clear lower trend line beneath the lows of the recent upmove that began at the beginning of this year.
The index will likely continue to trend higher above the lower trend line until a clear downside break occurs. Watch for upside follow-through as the 1,465 (1,100) level is penetrated. A downside break from the channel and the lower trend line at 1,450 (1,085) will very likely fuel a significant retracement.
Short Term NASDAQ
Short term, the NASDAQ has formed a trend line beneath the lows of the late-day upmove, seen in the 1 Minute Chart. A downside break of this line at 1,458.5 (1,093) will indicate weakness at the Open.
Medium Term NASDAQ
In the medium term, we were whipsawed out of two Long positions today. The first entry occurred at 1,454 (1,092), and the second at 1,456 (1,094), with each ending in a 5 (5) point loss. We are now out of the market and will watch 1,450 (1,085) down, and 1,465 (1,100) up, with 5 (5) point stops.
Summary
The NASDAQ continues to trade higher off the clear lower trend line, seen in the 15 and 60 Minute Charts. This lower line is key as it will likely dictate direction for this index (a trend line reversal or trend line break). Watch for an upside continuation above the line until a solid downside break occurs. We are out of the market and will watch 1,450 (1,085) down, and 1,465 (1,100) up tomorrow.