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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Chris who started this subject5/30/2001 8:48:15 AM
From: donald sew  Read Replies (2) of 52237
 
MAY 30 INDEX UPDATE
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Short-term technical indicators:
DOW - oversold, Intraday CLASS 1 BUY signal
SPX - borderline CLASS 1 BUY
OEX - CLASS 1 BUY
NAZ - borderline CLASS 2 BUY
NDX - borderline CLASS 2 BUY
SOX - CLASS 1 BUY
5-DAY TRIN - 7.59

Per my short-term technicals, the overall market is in BUY territory. The NAZ/NDX could still head a bit lower since there is still 1-2 days before a CLASS 1 BUY, but it could also reverse at any time. The DOW bounce off of yesterday's intraday CLASS 1 BUY signal, but as mentioned often a closing signal is more reliable than a intraday signal.

The NAZ/NDX have yet to set a LOWER LOW, so for now the immediate trend is still to the upside, although it is getting close to turn bearish.

It appears that the bounce could start as soon as today, latest tomorrow.

GOLD got as high as 293.50(NY market). The LOW was around 256, so here are the FIBONACCI LEVELs:
50% - 275
62% - 270
So GOLD has pulled back into the the FIB region. I have a CLASS 2 BUY signal on the XAU, so it is coming close to a short-term bottom. Its interesting to note that GOLD has pulled back further than the gold stocks/XAU. This divergence between the size of the pullback of GOLD and gold stock, could be considered a bullish divergence, at least for now.

The key to watch is whether LOWER LOWs are produced in the NAZ/NDX. If so that would be a significant hint that the uptrend may be ending.
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