Replies to post #9673 on ajtj99's Market Pulse

[SI_Shack]

I'm not sure I buy the happy family theory on retests of levels based on dates. Big stretch IMO but I'm no expert. Certainly I defer to you. Interesting concept actually and it seems to work for you.

As you know I am EXTREMELY bearish here. Just dig into some stock's charts. We have had major breakdowns in many semis, bios, retailers, the $RUT, and the trannies. Lines are cracking everywhere and the trend looks to be reversing.

At best we could be in some Jell-O and I would entertain this idea more seriously except that I rarely see high volume sell-offs at the beginning of Jell-o. When we had some technical cracks in the summer I suspected Jell-O because of the exact opposite of what's happening down vis-a-vis volume. This is solid heavy selling right now as we have just had a second distributon day in a row.

The way the futes are trading right now I would bet tomorrow is yet another.

[dumaflotchie]

I see many here predict a NAS drop to around 1770-1780.

If one draws a support trend line from the lows of March through July, that is a pretty solid line with at least 5 bounces right on it.

Then we have a significant violation of that support line in August and again this week along with a few gaps behind us as well.

This poor man's tool sure does suggest the market has rolled over but why only to 1770 rather than 1500?

Thanks in advance for your kind reply.