Nasdaq Comp Gaps and Reversals Thread

[tradesmart]

Soros buys in....?

It seems increasingly clear that barring an unforeseen reversal, the Naz is breaking out from it’s long flat trading range and the rising tide could lift a lot of tech ‘boats’ that have been distrusted/trashed in recent years – particularly the big names like INTC/AMZN/EBAY/MSFT/AAPL….

(I cite these as I’ve heard that Soros has bought in…… )

Thanks to Alfine for the Soros article....

 

[tradesmart]

Posted above:-
It seems increasingly clear that barring an unforeseen reversal, the Naz is breaking out from it’s long flat trading range

Well, no “unforeseen reversal” yet and the Naz continues its breakout with minimal pullback so far….

With a tight, apparently bullish expanding range forming at the top, and RSI clearly showing support, my speculative call is for further upside with the notional target of 2480 (which has been a prior S/R level) in the sights imho…

However, if a break to the downside occurs, there are plenty of big gaps to fill…..

 

[tradesmart]

Slight morphing of the top-end consolidation to test the former high at 2220ish as support, and now resembling a bull flag…….

RSI and CCI have plumbed lows and the price has hardly fallen, just making the 23.6% fib retracement mark…..

I’m still favouring upside……

 

[tradesmart]

Not the perfectly formed bull flag, but the upside effect appears the same…..the pullback to 2190ish at around the 38.2% fib retracement mark required to fill the gap left in November’s big rise….

The Naz is right up to previous resistance now, so breakout or stall…..?…..I’ll remain bullish until I see signs to the contrary…..

 

[tradesmart]

Breakout proceeding north nicely......

 

[TGM]

hello TradeSmart!

Hopefully your Holiday was good! Time to get to work! eh?

I agree. But I think the Nasdaq will be sideways to down for a couple days. We are up against my resistance level. I expect higher levels. My Short Line broke it's downtrend. This rally feels like Pamploma with the Bulls trampling everyone in their path.

I must admit though. I took profits with the outlook to get back in on a dip. I always sell to soon though. So all longs should hang in there----it will probably run off without me.

Tradesmart--- make sure to give some of those GOOG profits to the "Manx fund for needy children".

 

[tradesmart]

But I think the Nasdaq will be sideways to down for a couple days

Hi TGM – Good call at the recent top and it’s certainly gone down some since then, but just coming off of an apparent island reversal now gives a hint that we may see another test of the highs above 2330 soon.....plenty of gaps to fill..

Apart from the Manx fund for needy children, I also contribute to the Okells and Bushy's pure hops fund and I’m also a member of the Manx kippers protection league….

 

[tradesmart]

yesterday:-

an apparent island reversal now gives a hint that we may see another test of the highs

Today:-

Nasdaq suffers biggest one-day fall since Sept. 2003

Well, the "island reversal" pattern worked, but not as anticipated....!?!.....

 

[tradesmart]

The bullflag breakout at the start of the year gave some hope of extended upside, but now the current chart setup for the Naz seems tinged with bearishness, though I suspect that the mini- rally that we saw today will extend to fill the upper gap at around 2277 and to test the former uptrend support line as resistance…

Ultimately the 90 high apparent bear triangle hints at a downside break, with the 90 target conveniently centred on the gap left at 2150….

 

[tradesmart]

Above:-

Ultimately the 90 high apparent bear triangle hints at a downside break

The downside hint appears to be diminishing…

Support at 2240ish has held, the index has rallied from a divergent RSI/CCI bottom and is now forming an ascending triangle above the 100ema….

Looks positive for now, but the 90 high consolidation height must be broken decisively to give clear direction imho…

 

[tradesmart]

Above:-

but the 90 high consolidation height must be broken decisively to give clear direction imho…

Still, not yet….

Uncharacteristically, the Naz has been trading in a tight range of about 90 points for the best part of 3 months having tested 2240 as support multiple times..

Though it’s pulled back a bit today, it looks like it may be poised to attempt a breakout north through the upper trendline…..

 

[tradesmart]

Above 16/03/06:-

it looks like it may be poised to attempt a breakout north through the upper trendline…..

Yesterday:-

The Nasdaq Composite rose 33 points reaching a five-year high.

Well, the breakout north has happened, the only question is, can it maintain the bullish momentum for long enough to create a clean break…?

 

[Jerry Olson]

Above 16/03/06:-


Yesterday:-

Well, the breakout north has happened, the only question is, can it maintain the bullish momentum for long enough to create a clean break…?

Hi tradesmart

on P&F the COMP broke out to a new 52 week high with bullish implications. Along those lines the OTC BP(Bullish Percent) is just 1.21% away from a major breakout of the August top.

If that should happen both together would really kick start tech in a big way.

The NDX broke out yesterday as well at 1710 here;s the chart.

http://www.buyitbuyitsellitsellit.com/OJ1.gif

several solid daily charts of AAPL & Sndk off those falling wedges broke up and out as well.

I would be watching the Asia nets today as GOOG is hunting for bear................

BIDU--TOMO--SNDA etc

good luck today

 

[Jerry Olson]

DATE: 29th April 2006 - 7.44pm

The BAT Sonar Technical Analysis System has just been born. The system that KNOWS the FUTURE before the event occurs. The "Holy Grail" trading system has just been created.

MAJOR TRADING ALERT:

ALERT CATEGORY: 10 - HIGHEST POSSIBLE

The DOW Crash sequence code has been activated and CONFIRMED. We have a MAJOR CRASH sequence in progress:

WORLD STOCK MARKET CRASH WILL SHORTLY UNFOLD.

Monday MAY 1st 2006 will be a BLACK MONDAY Scenario.

Bid A-Tool

Hi Bid a tool

while i have no clue about your system my guess is we'll rally up for the first few days of the new month, and then back and fill toward the FOMC date May 9th.

nothing i see says we crash and burn..

but to each their own

later

 

[Bid A-Tool]

Hi Bid a tool

while i have no clue about your system my guess is we'll rally up for the first few days of the new month, and then back and fill toward the FOMC date May 9th.

nothing i see says we crash and burn..

but to each their own

later

Quote:
Originally Posted by rols
read the article...

In October 19th, 1987 the stock market crashed. The DJIA closed down 22.6% for the day. A similar drop in today's market would equal approximately 1800 points. Volume was an unbelievable 604.3 million shares, almost double the previous record of 338.5 million shares set on the previous Friday. The DJIA was down 36.7% from its closing high less than two months earlier.


TAKE 1,800 away from 11,400 = 9,600.....which is JUST above A MAJOR support Level on OCTOBER 25th 2004. This looks like a Major SUPPORT LEVEL. Have a look at your graphs.

JAMES
Bid A-Tool
__________________
PLAN THE TRADE. TRADE THE PLAN.

 

[Jerry Olson]

Quote:
Originally Posted by rols
read the article...

In October 19th, 1987 the stock market crashed. The DJIA closed down 22.6% for the day. A similar drop in today's market would equal approximately 1800 points. Volume was an unbelievable 604.3 million shares, almost double the previous record of 338.5 million shares set on the previous Friday. The DJIA was down 36.7% from its closing high less than two months earlier.


TAKE 1,800 away from 11,400 = 9,600.....which is JUST above A MAJOR support Level on OCTOBER 25th 2004. This looks like a Major SUPPORT LEVEL. Have a look at your graphs.

JAMES
Bid A-Tool
===============

Hi James

while i endured that crash in 1987 and took quite a hit as well. we are in no danger of anything like that with 2 exceptions.

An attack on the US, or a nuclear explosion over in Iran, neither i think will happen tomorrow.
There is just nothing on the radar suggesting anything like this ia about to happen unless and until we have a catistropohic event.

Btw fwiw Oct usally brings not only macro cycle lows to the US markets an other market world wide but it also brings us the finest buying opportunities at any time during the year.

I love it when everything looks like death and destruction, when everyone wants out! I want in!!!

In hindsight the 87 crash was one of the best buying opportunities ever...

 

[Jerry Olson]

My BAT Sonar Trading System picked the CRASH SEQUENCE just before the DOW close on Friday. No other system can pick it up as fast as mine. The sign is there but everyone else is blind.

A Stock Market Crash always catches Traders out. Even the professionals. THE BAT Sonar system doesn't miss a trick. It picks it up days before.

Bid A-Tool

Ok James

but i never have to worry since i never hold overnight ever, and neither do my traders.

we'll see what shall transpire this week...


have a nice weekend