ajtj99's Market Pulse

[ajtj99]

Good call on that yesterday, pt! Here's the NDX daily chart showing where we stopped, which is amazing. It's the old rising support originating from the 795 and 947 2002/2003 lows:

http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[a,a]daclyyay[d20020905,20040405][pc9!c13!c20!c50...

Here's a closer look at that line. I really wasn't paying too much attention to it because I thought it was out of play near term:

http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[a,a]daclyyay[db][pc9!c13!c20!c50!c100!c200!c150!...

It's rising 2.5 points a day, so if we're going to go to 1512 by next Thursday, we might have a spike high so we don't go closing over that level. It also may mean we're going to be sideways for a couple of days consolidating this move if we don't take out that line on a closing basis.

If you look at the 5-days prior to the 1560 NDX high in January the consolidation prior to that high would seem to be a good example of what we might have happen here early next week. We'll see.