Trend Lines, Support, Resistance for 10/12 (Republish)
(Publishing this again due to errors in my indicator)
Trend lines drawn from 9/3 (27d), 9/24 bottom (13d), 10/6 (5d) and today 10/12 (1 day).
It was a magnificent start to the week for the Nasdaq with a gap up and +2.56% gain on higher volume. A confirmed FTD for those who follow CANSLIM and IBD. The candle has a solid green body with a 66% closing range, larger wick at the top than bottom. It was upward most of the day with some profit taking in the late afternoon.
All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%.
A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen.
I'm keeping the June Support line in view, but its now almost 16% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
Trend lines drawn from 9/3 (27d), 9/24 bottom (13d), 10/6 (5d) and today 10/12 (1 day).
It was a magnificent start to the week for the Nasdaq with a gap up and +2.56% gain on higher volume. A confirmed FTD for those who follow CANSLIM and IBD. The candle has a solid green body with a 66% closing range, larger wick at the top than bottom. It was upward most of the day with some profit taking in the late afternoon.
All of the trend lines are on an upward slope. Continuing today's momentum would result in a +2.30% gain and a new all time high. There is likely to be some resistance as we approach that level. So expect a more modest gain from the 5d trend line which is at +0.65%.
A small pullback would not be unwelcome to cool things off just a bit. Meeting back up with the trend from the September bottom would mean a -0.92% loss. The trend line from 9/3 is still -4.52% below the current index price. That big of a drop seems unlikely and would require some significant news. But always have a game plan, anything can happen.
I'm keeping the June Support line in view, but its now almost 16% below the Friday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
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