actio-et-reactio
Balance is but a brief transition between extremes.
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Tuesday, March 12, 2002
Near Term Support and Resistance
Regarding the COMP and NDX chart showing Median Lines off prior gaps, I wrote yesterday: Looks like the cat got into a ball of yarn. However, looking closer, what I've done is create pitchforks off prior gaps. They all meet at ~1900 [COMPX; 1530 NDX] as that is the midpoint of the 2nd top and the recent bottom. That price jumped that spot on Friday shows the strength of the move. Even so, take a look at the 60m chart lower down, which indicates the move may be capped (for a pullback? for a reversal?). Question is, "when"? I vote for Monday, based on the 60m NDX chart discussion lower down.
We got a bit of both today, an early morning pullback with a midday recovery, leaving us pretty much in place, which qualifies as "consolidation". Price is holding above the 50% point of various hi-lo moves, which lends strength. A
close above 1573 opens the door to 1591-1615. Closing below 1532-1536 opens up the possibility of more than a pullback.
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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