Replies to post #78256 on ajtj99's Market Pulse

[LG]

pt: Ok, you are using a linear chart. Not something I'd recommend, but in answer to your question even though you didn't ask me...

That linear rising support line off the Oct 02 low would have a last adjusted second anchor point at the April 05 low. That rising linear support line was breached Friday and additionally the NDX closed below it on Friday. For the most part the index has remained below it Monday and so far today.

Using that same trend line plotted in semi-log scale, the second anchor point would have needed to be adjusted up to the March 06 low to remain in play (and arguably the April 06 low). That trend line was broken with last Thursday's price action.

IMO a more important trend line broken last Thursday by the NDX was its April 05 Low Rising Support Line with the second anchor point being at the Oct 05 low (semi-log scale of course).

LG

PS: You should be keeping an eye on the NDX Nov 05 gap up as the top of that gap has been providing horizontal price action support for now which so far is facilitating a needed oversold consolidation. Significant resistance should the index get back up that high intraday to short-term IMO would be its 200-Day SMA.