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[Metastockusers] Naz



PureBytes Links

Trading Reference Links

Naz Daily
http://tinyurl.com/eagh

Naz Weekly
http://tinyurl.com/eagi

Naz 3 Channels
http://tinyurl.com/eagk

Some Wyckoff pv analysis of the Naz. (The links should work but you 
may have to join Yahoo Briefcase to view them, it's free.)

>From the start of the uptrend channel Mar, Apr, and mid-May up vol is 
generally greater than down and there are many strong up days on long 
spreads closing on the highs w/nice price progress, while down days 
on the reactions tend to be on lower vol, narrower spreads, and/or 
shallow price retracement.

Then 5/27 a wide spread closing on the high on strong vol that closes 
just above the 5/15 high, which itself was the all-important break 
above the 12/02 high. This is very positive of course, but look at 
the following 3 days, all up, but on very narrow spreads and 
increasingly high vol. 5/27 gains about 50 points in one day, yet 
those next 3 bars are hardly able to gain that much in total, despite 
the massive vol. This represents great effort (vol) with little 
result (price gain) and was perhaps a warning of an exhaustion move.

On 6/6 of course is a classic looking reversal bar, but then we've 
had those before. But certainly the massive vol and wide spread 
closing on the low seems to confirm that earlier weakness.

After the previous high on volatility (at a possible Buying Climax) 
we may be cycling to a more quiet period. Volume has dropped off 
considerably and price appears to be consolidating. Note this week 
price unable to make a new high or even hold above the 6/05 close 
once again.

Looking at the weekly, the week of 6/06 is a breakout of the 
downtrend channel on massive volume, but closing in the lower half of 
the range. (This is now the 3rd progressively milder downtrending 
channel that has been broken on the Naz since the start of the Bear 
market. See chart.) This week's bar an almost perfect doji, 
reflecting the low-volatility, consolidation period. Also note the 
longer-term horizontal s/r we're approaching at 1720ish.

Candlesticks are especially helpful on the weekly charts. Note the 
how many times narrow bodies, even with long shadows, are soon 
followed by strongly trending bars with wide bodies. We now have 2 
very tight bodies in a row on the weekly as price consolidates. 

Harold


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