Indices

Posted by downtowntrader | 7/13/2006 09:23:00 PM | 2 comments »

Poker night so I will keep it short. It looks like the Nasdaq will test October lows as soon as tomorrow.

Here is a chart showing the recent breakdown. We could double bottom, but at this point it's better to wait for this to resolve itself, or scalp some short plays.
Here is the sp500 chart. As you can see it's in much better shape then the Nasdaq and is still in the long term price channel. It looks like the Nasdaq and SP500 could both find support at the same time increasing the odds of a bounce. Keep an eye on these support levels tomorrow if all the bulls throw in the towel.

Good Luck,

DT

2 comments

  1. P- // 2:27 AM  

    Supports using multi year regression analysis still hold.
    Know anything about the lack of activity on nasdaqtrader.com, wallstreetfighter.com, marketrider, etc etc?? Hope this is not a sign of something systemic.

  2. downtowntrader // 9:43 AM  

    Not sure whats going on with those blogs P.


    DT