Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Some of the things I've looked at tonight suggest we might mimic last week's move down to COMP 1822 in a brother leg. TRINQ 60-minute is almost mirroring the action from Sept. 9.

Effective trading range on the NDX on a weekly basis is 1313 to 1392. We hit the top of that range today and reversed, so a test of the lower range again is not out of the question.

It is interesting that the next increment in the weekly trading range moves to 1457 NDX if 1392 is surpassed on a weekly close. That is around COMP 1960-1980, depending on how frothy the COMP gets.

We have been nicely bracketed by these weekly trading ranges formed by the 50, 75, 100, and 125 EMA's on the weekly NDX since March, so I think it is prudent to respect them. Thus I respect your caution after double tops all around and a reversal off the top of the weekly trading range.