Replies to post #72768 on Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Zeev, the 60-minute TRINQ would appear to indicate a 1-2 day drop from here. Most of the NDX charts I looked at tonight support at least a down day most of tomorrow, with a close on the lows a decent possibility.

There are two falling support lines in play. One is at 952 NDX tomorrow morning and the other is at around NDX 953. Here's the one at 952.

http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[h,a]faclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f....

That's about 1280 COMP or so. We could get 1275 late in the day if we close on the lows.

To get much below a 3 or 4-point a day drop on the NDX would require a gap down. That could happen on Friday, I guess. We'll see.

If the SPX breaches 839, it opens up a drop to possibly 800, which is the bear flag target. I believe 821 is the lower BB on the daily SPX, and 800 is the approximate location of the weekly lower BB.