Thursday, April 04, 2002
Thursday Evening - Multi-Screen Summary using Median Lines
Summarized below are thumbnail views looking at 15m, 60m, Daily, and Weekly time frames. To see the full size graph, right click the graph and select "Open Link in New Window". I won't discuss price targets specifically, but each chart shows "horizontal line" indicators, which are my working support/resistance targets. Remember to study the Median Lines for a glimpse of time as well as price.
Very near term (15m), once again, in a tight consolidation.
Short term (60m) creeping in a downtrend as prior supports continue to be taken behind the woodshed.
Even the daily shows further downside, with the lower Median line providing intermediate term support at 1360-1368. That particular support, while likely to stem a mild decline, would not, IMO, be a strong bottom as it derives from the mid-point measured gap of the September rally.
The second daily chart shows a longer term Median Line, which in the event that 1360 breaks, would provide support at
1265 1249-1279.
Finally, there is the question of the weekly charts. While a fairly conventional Median Line study shows support in the 1300 area, a somewhat less conventional approach shows that the NDX may be in a slow, narrow range decline. This study was motivated by looking for a "balance" relationship between the last three major bottoms.
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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