AI
Saturday, May 31, 2003 12:15:07 AM
How often has the Nasdaq gone up ~20% and then continued to go up without a significant, ~10% say, correction?<<<<
there are some other questions to ask, when was the last time the nasdaq (or $spx) 200 dma was in a nosedive for 3 years, when was the last time the $vix traded in a range from roughly 27-50 for about 9 months (june to march). When was the last time all the major averages were on top of rising 200 dma.
from a wychoff view the nasdaq has jumped the creek on expanding volume (broke out of a base) and backed up to pivot the 1500 area turning resistance into support, with 3 bell ringing days of cboe p/c ratios over 1 no less (1500 is a significant pivot going back to 1997)
a lot of people have been calling a top or expecting a correction for quite a while, me too, but at this point i wouldn't rule out the market continuing to go up and the dow & $spx breaking thru and following the nasdaq out of the trading range.
there are some other questions to ask, when was the last time the nasdaq (or $spx) 200 dma was in a nosedive for 3 years, when was the last time the $vix traded in a range from roughly 27-50 for about 9 months (june to march). When was the last time all the major averages were on top of rising 200 dma.
from a wychoff view the nasdaq has jumped the creek on expanding volume (broke out of a base) and backed up to pivot the 1500 area turning resistance into support, with 3 bell ringing days of cboe p/c ratios over 1 no less (1500 is a significant pivot going back to 1997)
a lot of people have been calling a top or expecting a correction for quite a while, me too, but at this point i wouldn't rule out the market continuing to go up and the dow & $spx breaking thru and following the nasdaq out of the trading range.
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