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Gary
Do you have New Highs/New Lows? That can sometimes resolve ambiguities.
Kent
----- Original Message -----
From: "Gary Funck" <gary@xxxxxxxxxxxx>
To: "Realtraders@xxxxxxxxxxxx Com" <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, July 06, 2002 3:56 PM
Subject: [RT] A (weak) case for a bounce in NDX/QQQ
Attached are a few charts.
1. The MACD of VIXN shows that implied volatility has peaked and is rolling
over. Bullish.
2. The weekly chart of NDX shows a head and shoulders formation. The bottom
neck line is broken. If we do rally, a rally back to the shoulder line, and
the
down trend line of about 1300 (32.50 on the QQQ's), or +22%, over the course
of
month/so seems possible.
3. The new high/new low and adv/decline study is a little more ambiguous.
Although both levels are low, and low enough to spark a rally, they're not
at
the 20% and 40% levels, respectively, that would be typical of a significant
bottom.
On a larger timing scale, a bounce into mid-August, followed by a dive into
Sept/Oct., making a much lower low than the recent low would be a likely
seasonal pattern.
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