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On Fri, 16 Mar 2001 gary@xxxxxxxxxxxx wrote:
> Curious to see how far and how fast NDX has been unwinding time,
> I rigged up a plot that reflects NDX around the 3/27/2000 top. Ie, for
> each N-th day after the 3/27 top, the data was plotted N days before 3/27
> (where days are measured in trading days).
>
> As you can see: Recently NDX broke below prior readings - signalling
> that it is now falling faster than it rose in the manic Y2K rally.
> NDX also broke major support, and at the current rate of descent,
> it won't take long to tag the 1998 lows.
This is to be expected. Downside moves are usually sharp and nasty. I
would be VERY concerned for a protracted downturn that takes years to
bottom out. Anyone here remember the early 70's?
-- John
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John T. Nelson | John's Trading Journal
trader@xxxxxxxxxxxxxxx | http://trader.computation.org/
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