EWZuber
1,373 posts
msg #29409
- Ignore EWZuber |
10/22/2003 1:15:32 PM
Intraday, NVDA opened lower due to a major gap down at the open in the markets. All indexes have been well into the red today with the exception of the Natural Gas index ( XNG ) and Gold & Silver Index ( XAU ). The SOX is down ( -2.5% ) as I write this and yet NVDA is down only ( -0.23% ). This attests to the individual strength of the stock.
This market pressure has caused the stock to settle for the 25 DMA as support today again and this is not good. If this continues it will further the spread between NVDA and good support at the 50 DMA.
The NASDAQ has a double top looking pattern combined with a head & shoulders pattern on hourly charts. It is oversold on hourly charts right now so it is important that we see some buying in the second half of the session or face the possibility of a substantial pullback. If this Weekly accumulation phase is muted then the markets are in for a big pullback and this will be the confirmation that the Monthly chart is indeed influencing shorter term waves and that the Monthly chart stochastic distribution phase has begun. Its just too early to tell for sure, IMO.
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EWZuber
1,373 posts
msg #29427
- Ignore EWZuber |
10/23/2003 9:47:26 AM
Before the open
Markets to open lower again today after more poor tech earnings. FLEX came in low among others.
The uptrend for NVDA that began on 9/29 is still intact and trendline support sits at $16.72 ( & rising ).
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TheRumpledOne
6,411 posts
msg #29431
- Ignore TheRumpledOne |
10/23/2003 1:27:24 PM
EWZuber:
Thank you for persisting even though there are a few hard-headed people here who rather argue than learn. "Some people just can't be reached."
I appreciate your efforts. Please keep up the good work.
MAY ALL YOUR FILLS BE COMPLETE.
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EWZuber
1,373 posts
msg #29434
- Ignore EWZuber |
10/23/2003 2:10:33 PM
Thanks for the encouragement. In all the several years I have been posting on stock and even the hotly debated political boards boards ( well over 5,000 posts ) I have only put 3 people on ignore. There comes a point though that it becomes evident that an individual has no intention of debating in good faith and thats when I pull the plug cause it's of no use and a waste of my time.
Today the SOX is down ( -2.6% ) and NVDA is up +0.9%. NVDA has been outperforming the market the past 3 days. The 50 DMA isn't out of reach yet but NVDA could use some help from a good day in the market to get there.
Looks like NASDAQ wants to rise to test ther gap @ 1,891 as resistance. JMHO
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TheRumpledOne
6,411 posts
msg #29435
- Ignore TheRumpledOne |
10/23/2003 2:41:46 PM
I usually check the indices on www.prophet.net before the markets opens.
Nasdaq hit the lower linear regression line and bounced on the intraday. It also had a positive divergence. It is below the 26 ema but the uptrend looks intact so far.
Some of my favs like GENR, SONS and EXTR are ready to be loaded on the boat...lol Also PACW, may bounce soon.
For the "penny pinchers" ADOT showed life today. MOBL and CESY give a nice daily scalp. AACS may bust out soon.
MAY ALL YOUR FILLS BE COMPLETE.
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EWZuber
1,373 posts
msg #29437
- Ignore EWZuber |
10/23/2003 2:45:43 PM
A short term precision entry ( 5 minute chart ) into NVDA is at 2:40 PM @$17.32 where NVDA came down to test old trendline resistance as support.
The trendline runs from the high on 10/21 @ 2:55 @ $17.88 across the high of 10/22 @ 3:50 @ $17.53 to the present.
A more aggressive entry was at 12:50 @ $17.03 where a more aggressive trendline formed from the high of 10/22 @ 4:55 @ $17.46 to a high today at 11:25 @ $17.27 and down. Notice how the stock perfectly follows the trendline down today. Where the trendline is broken at 12:50 draw a horizontal line to the right and see where the stock rises above this resistance. This is an excellent entry and will be very difficult to get shaken out of without due justification.
As I write this the short term ( a daytraders trendline ) is being tested as support @ $17.45.
For the swing trader, trendline support is at about $17.36. From the low @ 12:50 to the low @ 1:35 & up. JMHO
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EWZuber
1,373 posts
msg #29438
- Ignore EWZuber |
10/23/2003 3:03:28 PM
Correction last line should read $17.25.
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EWZuber
1,373 posts
msg #29439
- Ignore EWZuber |
10/23/2003 3:09:32 PM
NASDAQ has risen and tested the gap as resistance @ 1,891 and bounced down confirming it as resistance for now. JMHO
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EWZuber
1,373 posts
msg #29440
- Ignore EWZuber |
10/23/2003 3:45:24 PM
NVDA struggled for a while at $17.25 and appears to have just tested it as resistance and bounced down and stochastics on the 5 minute chart are -xover at the top of the cycle which was rather muted.
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EWZuber
1,373 posts
msg #29441
- Ignore EWZuber |
10/23/2003 4:02:38 PM
NVDA testing final short term supporting trendline drawn from the low of 10:40 @ $16.97 to 12:50 @ $17.02. Present TL support for this line @ $17.10.
NVDA is oversold on 5 Min. chart too so the possibility for a bounce here is decent.
Also looking at NASDAQ daily chart one can see that a short term trading channel has formed with NASDAQ bouncing up off the bottom of that channel today. This puts the odds of having an up day tomorrow much greater.
Of course with earnings coming out every night there is added risk. JMHO
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