Market Talk

[gtober]

Well, the NAZ closed at the HOD. Good.
SOX over 560 again. Good.
DOW tested and bounced again. Good.
Softie over $60. Good.

I am almost ready to go long. But stops will be tight and initial target may only be the previous support in the 1930-1970 area. That taken out, I would look to the top of the wedge at the 2050 area.

If we rally here, I don't think we'll break the wedge. I think we go to the top, drop and test the support. This test will be the "big one" that everyone is looking for, but I don't think it will happen. Then, we can go after the resistance.

But, hey, I'm a total amateur.

I just looked at the NAZ monthly for the last 10 years. The trendlines that I plotted show 1750 or so as the low here. One connected the '98 low with the April low. The other was a best fit for the last 6 or 7 years. Again, around 1750 seems to be the support.

I remember LG's rising trading channel from 1990 or so. The April low touched this rising trading channel and rebounded. I'm not sure where this suport would be today.

You 1500 target did come in on the 200 month moving average however.

1750 seems pretty important.