Index Traders Edge Vol. 8

By: Joseph Russo | Mon, Jul 30, 2007
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Highlighting the NASDAQ 100

Holding the Line

Interestingly, the NDX is one of the few broad-based equity indices to maintain its standing uptrend from the March lows.

Despite closing near its low for the week - with losses approaching 4%, the NDX survived the onset of this particular storm with little if any near-term technical damage. Much rides on the week ahead however.

Incidentally, the weekly rally from the March low turns 21 next week, marking prime time for a panic-low or manic buying-spree reaction high.

Buckle up!

Let's see how the rest of the majors held up...

MARKETS AT A GLANCE INDEX TRADERS EDGE Vol. 8

U.S DOLLAR

DOW JONES INDUSTRIALS

After breaching 12-year lows beneath 80.14, and plummeting toward its 15-year historic low of 78.43 - The Dollar managed to summon much-needed defense at the 80.02 level - closing the week on an up-note while breaking marginally above a tight downward trendline of resistance.

The Dow failed to achieve expansion targets following its short-lived attempt in expanding its range. Soon after, the index re-entered the high-end of old price territory, and by weeks end - found itself a new home at the bottom of the range. In process, the Dows robust former uptrend failed. The index closed at the lower end of its weekly range, residing at key levels of near-term support. Per last weeks close, the Dow now shares a trajectory of ascent similar to that of the NDX.

GOLD

S&P 500

Upon achieving it wedge breakout targets, Gold gave back most of those gains at the first clear signs of a Dollar bottom. The S&P failed miserably upon its marginal besting of former historic print highs. Upon reaching critical mass, the index tanked, suffering a near 5% bloodletting, while threatening to ruin an otherwise healthy level of trajectory.

A SNEEK PEEK and message about Elliott Wave Technology's Forthcoming Blog-Page

To the left is a compilation of still-shots previewing Elliott Wave Technology's blog-page in development.

The purpose and intent of the blog will be to serve the interests of existing clients, and to provide select prospective members a place to become better acquainted with our brand of services.

The blog-page will add value, and act in complement to our real-time charts posted at stockcharts.com.

The page will be a place for us to post special interim reports should market conditions warrant.

Once subscribed to the blog, users may choose to receive automatic e-mails the moment new items have been posted.

Under normal market conditions, the blog page will serve to provide a convenient venue for us to comment on select markets in between our regularly scheduled reports.

The blog page will NOT be used as a chat room, guru-bashing corral, or any other form of non-productive banter.

Members can share experiences, trade ideas, and offer suggestions and comments on site and market related matters.

We will load the pages with various published articles, and open threads relating to various topics that members wish to explore further.

We will seek out and be receptive to all those interested in authoring, or moderating various aspects of the page.

The page will of course contain several convenient links to member login pages, subscription management services, our stockcharts page, along with other relevant or user suggested links.

Should you have interest in obtaining special access to Elliott Wave Technology's forthcoming blog-page, forward the author your e-mail address for private invitation.

Until next time ...

Trade Better / Invest Smarter...

 


 

Joseph Russo

Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the dot.com bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/