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Let's step back and look at the next time frame higher, i.e.
the daily. HA's chart is hourly. We see both the NDX and the Nasdaq
Composite are already in downtrends from the swing high earlier this week.
Daily Stochastic RSI is rolling over from overbought, Weighted Momentum is on a
sell but near the whipsaw, Nadaq TRINQ5 is turning up from overbought(low is OB,
high is OS). The Nasdaq is losing its grip on the upper % channel
line. Looks like 2200 at the mid channel next week is a breath away,
failing that, then 2000(actually higher since the band is rising). On the
NDXLD we see it had a momentum change from up to down 4 days ago and is
officially on a sell two days ago with 1914.80 the midband support and if HA is
still believing it is going up then the lower band at 1800 is the target.
Keeping in mind this is all now history and there are $ forces next week that
could provide more upside strength, and because of this the downside is
"probably" limited to a midband retracement on Tuesday or
Wednesday.
bobr
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
<A href="mailto:H.Albizem@xxxxxxxxxxxxxxxx";
title=H.Albizem@xxxxxxxxxxxxxxxx>Haytham Albizem
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>Realtraders
Sent: Friday, May 25, 2001 6:27 PM
Subject: [RT] No evidence for lower
NASDAQ yet
here is why I don't agree with NASDAQ to go lower
based on what we know.
HaythamTo
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