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T/A on DOW, NDX, and OEX.

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Bernard Ng Member Profile
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Bernard Ng Member Level  Sunday, 11/12/00 06:58:03 PM
Re: None
Post # of 307 
T/A on DOW, NDX, and OEX.

Ok... if everyone has taken the short side on my advice, they shoulda make a killing last week wink

So what we have here?

DOW sitting at 10600, a very important level. If it drops through Monday, we'll see 10400. Let's hope it will rebound from here. Better yet, close the day above 10700. Remember the last drop to the 9000 area? We flired/consolidated around 10600 for a while...

NDX and OEX are doing downside consolidation. Not looking good.

However, if NDX breakout downward here (we prolly will), I will consider it's a premature breakout. According to the descending right angle triangle that we are forming here, I will expect a rally back to the triangle area. 3000 is still an important area.
After this pull back. If it doesn't do an upside breakout, we will then complete the triangle, and heading to low 2000 area.

OEX and NDX have performed similarly lately. The rising wedge has been broken a bit, looking for the same prediction as NDX. If we see a clean break to this rising wedge, we might see OEX tanks to low 600 area. Just remember the DOW Theory, indexes have to be confirmed by each other... in this case, we have NDX and OEX, and I assume NDX is the critical control to the clean OEX downside breakout.

I also casually update the following thread when I see the overall market is sitting at a critical area.


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