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Oct. 6th. - Special Evening Update ...
I thought it was important to bring two NASDAQ 100 chart to your attention tonight ... so you can give it some thought before tomorrow morning.
See the link below for these two charts: This first chart shows the 9 year NASDAQ movements. Note that there are two circles at touch points which where supports on a capitulation down move. The first one was a bottom where a significant upside rally occurred afterwards.
The second one happened today ... Monday, October 6th. The NASDAQ 100 dropped down the the red support line today and immediately bounced up. You can easily see that the index stopped exactly on the support after a gap down and sharp down move during the day.
What does it mean? It means that there is a real possibility that the NASDAQ 100 had a capitulation down move that was satisfied today (Monday).
If so, then we would get a strong bounce tomorrow with follow through for an upside rally. I share this with you in case you are short, or in case you are playing intra-day moves and can handle fast trading with higher risk levels. Also ... in case you are short overnight in which case you could face high risk tomorrow.
The other possibility is that the market continues to melt down if this important 9 year support does not hold. There was an tremendous amount of money that started to pour in at approximately 3:06 PM yesterday ... enough to suggest that there is a possibility for the support to hold.
I hope this advance notice helps you in your trading tomorrow, because its implications are important if the support holds.
Regards,
Marty
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Regards,
Marty Chenard
StockTiming.com
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Asheville, NC 28805
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