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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: dennis michael patterson who wrote (9416)6/18/2001 5:36:54 PM
From: donald sew  Read Replies (2) of 52237
 
JUNE 18 INDEX UPDATE
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Short-term technical readings:
DOW - oversold region, fulfilled minimum requirement of intraday CLASS 1 BUY
SPX - borderline CLASS 1 BUY
OEX - borderline CLASS 1 BUY
NAZ - firm CLASS 1 BUY
NDX - firm CLASS 1 BUY
VIX - upper midrange(inverse to market)
USD - lower midrange

Per my short-term technicals the overall market is in CLASS BUY territory, but as mentioned previously I am not expecting a strong rally in the NAZ/NDX, in light of the many negatives which are hitting the market now - one of which is the numerous number of HEAD & SHOULDER patterns which have broke their neckline to the downside. Not that I rely on price targets that much as others do, but a possible upside target for the forthcoming short-term rally could be the necklines/gaps. In the case of the NDX there is a gap around 1790 which is also close to the neckline.

Not that Im certain, but with the ORCL news, the market is taking it somewhat positively afterhours right now(5:30pm), so it looks like the CLASS 1 BUY(closing basis) could work.

Previously I mentioned that I have a 55-DAY CYCLE bottom arriving around JUN 22. With 55 day cycles I normally go with a buffer of +/-2 days. HECK if I know how this is going to turn out since my short-term technicals right now are not lining up with the 55-DAY CYCLE. Another factor is that prior to the FOMC meeting my short-term technicals are commonly in the midrange which is further confusing my cycles.
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