Tuesday, April 30, 2002
Last Day of April: One of those "nice" days
Call me a curmudgeon, but "nice" is a word that doesn't work for me for the markets. However, it was liberally applied to the action across the board, particularly pre-lunch.
As for the NDX, it was "technical" trading at its best. Yesterday's "chubbs", or "Fat Boys" as madrone, who introduced me to equivolume, calls them, were a great harbinger of the rally, and carried over into today's move. See the updated chart just a bit lower on this page. Note too that there is yet another "chubb" sitting right at the 15m Median Line support.
Today's rally hit geometric supports of the 1316:1228 rally all the way up, covering quite a bit more ground than anticipated, but not the whole enchilada, which meets resistance at 1304-- perhaps a morsel left over for tomorrow sometime. The 60m chart is just now suggesting limited upside.
It was also a day when price snapped into the Median Lines quite "nicely". Here is a shrunk version of the 5m chart, which pretty much records the various lines that came into play as the day wore on. The end-of-day chart does not reflect this wire-mesh of history being that it tomorrows road map. Right-click to open in a separate window.
Labels: market-calls-dated
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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