actio-et-reactio
Balance is but a brief transition between extremes.
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Tuesday, April 16, 2002
Tuesday Evening comments
There are some nuts and berries for the bears: a negative RSI/price divergence on the 15m (suggesting a pullback) and daily price bumping the underbelly of the 9/11 trendline.
The bulls partied hardy with the strong gap creating a measured gap situation, the target of 1415 having been essentially reached today. A perhaps overly ambitious second target is 1442, but I anticipate strong resistance at 1425 if 1415 is breached. Nevertheless, the daily does allow for a move to 1442 if price creeps up along the underside of that trendline where it will challenge the red downtrending Andrews, which is currently at 1442.
Unfortunately, since this rally is still countertrend, at worst, the NDX may create a mini-island should this turn out to be a trap for bulls.
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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