Hewison Video Update: NASDAQ In Thin Air

Oct 22, 2009: 6:30 PM CST

I have to give Adam credit for a unique topic I haven’t thought of before.  In his most recent NASDAQ Video Update entitled “Is the NASDAQ Now in Thin Air?,” Hewison overlays the dominant Fibonacci grid and introduces the concept of “Thin Air…” and it’s probably not what you’re thinking (or at least was not what I was thinking).

Without giving his secret away, Adam describes the NASDAQ as being between two key levels to watch.

He writes, “Of the three major indexes we track: DOW, NASDAQ and the S&P 500, only the NASDAQ is in thin air.

What do I mean by thin air? So far the NASDAQ is the only index to make it past the 50% Fibonacci retracement levels as measured from the highs seen in 2007 and the lows that were made in March of this year.

Both the Dow and the S&P 500 have rallied strongly from their March lows but have not made it over the 50% retracement level.

Many professional traders – myself included – are looking at the NASDAQ’s Fibonacci retracement as it represents a potentially key turning point for this year’s market.

While not all the pieces are in place to go short or get out of long positions, one of the first clues is being put in place today by the Japanese candlestick charts.

In my new video, I share with you the NASDAQ retracement levels, as well as one of the key components that could lead to a potential reversal to the downside.”

I’m able to share these update videos with you as an affiliate member of Market Club (this video was published last night for members).

Thanks Adam and good work for explaining the ‘thin air’ concept – it’s certainly important to note that there are indeed levels between dominant Fibonacci grids which can act like magnets.

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