Nasdaq Comp Gaps and Reversals Thread

tradesmart

Experienced member
1,286 22
Perhaps the apparent Inv H & S - target in the 2040's, is worthy of note......?

just perhaps............ :cool:
 

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tradesmart

Experienced member
1,286 22
The Inv H & S scenario mentioned above seems to be playing out quite nicely, and with a lot of bullish impetus currently propelling tech stocks (will they be less affected by high oil prices?) it seems that a test of 2000 at the channels intersection might happen sooner rather than later…..

I note that the Naz is currently hovering over two gaps, and that seems like one too many – imho the top gap will get filled very quickly, possibly today…… :cool:
 

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FetteredChinos

Veteren member
3,897 40
hope so TS :)


nice charts as ever.


how do you cope with so many lines on them though?

or do you only pay attention to the more recent points of S&R ?

FC
 

tradesmart

Experienced member
1,286 22
FC – most of the horiz lines are just my ongoing mark-up of S/R levels past and present…..as with most things, I tend to go a little OTT with them….. :cheesy:

They all come in useful, but every now and then they get so dense that I can’t read the chart properly and have to have a purge……!...... :confused:
 

FetteredChinos

Veteren member
3,897 40
ah thanks. with so many lines, it could make it untradeable, unless you were scalping for a point here and there!!
 

tradesmart

Experienced member
1,286 22
FC - the lines are only a guide as to where the index has found S/R in the past - I only trade it generally when S/R is confirmed by RSI divergence...

I like trading it via the QQQ's Naz tracker stock for multi-day/week trades.......the chart moves/signals are identical to the Naz Comp, but you can trade it in extended market hours....

The percentage moves tend to be much bigger than the Dow/S&P....

ie:- Dow 5.4% above August low/Naz 12.3%......... ;)
 

tradesmart

Experienced member
1,286 22
It resisted for longer than expected, but one gap filled and one to go, which is likely to drag the other indices down further as well imho………..

A nice tradeable move though, just on the simple basis that 'gaps get filled'............ :cheesy:

most of the time............ :confused:
 

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tradesmart

Experienced member
1,286 22
As mentioned above, a bearish outlook in place at least until the lower gap from 1st October is filled imho…...
 

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Quercus

Well-known member
399 7
Hi, TS
I just wanted to note some appreciation for your continued posting on this thread, I always check it out when you add to it!
The chart's looking a bit messy isn't it - not too many clear signs on the 5min. Maybe the make-up is getting thrown around in the dressing rooms of the theatrical extravaganza know as the US elections? I wonder how many re-counts we'll need this time in order to get the result that democracy calls for?
Cheers
Q
 

tradesmart

Experienced member
1,286 22
Hi Quercus – I’m always a bit surprised when someone replies on this thread – I can talk to myself about the Naz all day……..!!!.............. ;)

Perhaps Naz himself will turn up one day and tell us where it’s really going……he’s got a reputation for calling it ‘right’…..

Consider this an invitation Naz.......

Re: the US elections – all we need is a few “hanging chads” and we’ll have recounts galore…….. :rolleyes:

(or will it be a hanging Bush…..?!…….too close to call imho….his debating skills don't seem to have improved despite the suspicious (alleged) 'prompter' under his jacket.......)

The Bush campaign dismissed the claims, saying it was just a wrinkle in the presidential jacket............... :LOL:
Regards
 

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tradesmart

Experienced member
1,286 22
As mentioned in post #53 above, the Oct 1st gap just had to be filled, but it took the Naz over 10 days to get there…..!!

Once the gap had been filled the index took off on a minor foray north, but now things are looking bearish with a break of the lower uptrend line originating from the 1750ish low of mid August………
 

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tradesmart

Experienced member
1,286 22
Just as things were looking bearish, a stampede of bulls arrive, and a ‘handbrake turn’ later, we’re now equalling the recent highs at 1970……… :confused:

Pronounced PD on RSI as the price hit support at 1905 was the clue to try a long, but only a supreme optimist would have expected the trade to make 65 points in just two sessions...!?

RSI still reaching for the heavens, and will be looking for a consolidation to form at the highs until the next catalyst determines direction…….
 

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tradesmart

Experienced member
1,286 22
The Naz still in overdrive and a bullish, but short lived breakout to 2000 today; above the all year long upper major trendline originating from the 2150 high last January……

ND on RSI leading the way to a sharp (apparently) Kerry-bear inspired reversal late in the session today, and perhaps we can expect more volatility in a tight range until a clear winner emerges from the election contest….. ?.......:confused:
 

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tradesmart

Experienced member
1,286 22
Perhaps the apparent Inv H & S - target in the 2040's, is worthy of note......?

Well, it’s good to know that the t/a calcs work from a long way out, and can be immensely profitable if you have the patience to stick with your position (that’s the difficult bit…... :confused: )

However, the Naz, like the other indices, looking ever so slightly overbought just now, and with a divergent RSI ‘top’ on the radar and two unfilled gaps under; will be watching for some sort of retracement very soon…..

Ps - CSCO has just reported after the bell and the stock has tanked – this makes tomorrows prediction for the Naz quite easy…gap fill mode imho….. ;)

edit - CSCO chart attached...
 

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