"My goal in sailing isn't to be brilliant or flashy in individual races, just to be consistent over the long run."
Mr. America's Cup
Swing Level +1 = Red line 9416.27
Swing Level +2 = Green line 9623.19
Swing Level +3 = Blue line 9830.11
Swing Level +1 = Red line 1867.06
These charts show the NYSE Composite Index (NYSE) and the Nasdaq 100 Index (NDX) with levels marked based on the opening range of the year. This concept was discussed earlier in the week, Cliffnotes For Offense And Defense. The NDX is approaching both the +1Swing support number and the lower trend line in its channel. As bad as yesterday felt, the volume was not overly high and the index is still holding the up channel. The NYSE has broken a trend line but again volume was not heavy. The +2Swing level is only 40pts away, and could act as near term support. The inflation related economic numbers to be released before the market open will probably play an important role in if we test these levels today.
The continuation of the triangle pattern strategy article from Thursday will be posted this weekend.
Louis Vuitton Cup - Semi Final - 14.05.2007 - 25.05.2007