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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Teresa Lo who wrote (28982)	8/3/1999 11:05:00 AM
From: Teresa Lo	Read Replies (1) of 44573

I only got to see four 45-minute bars yesterday morning since I was on "holiday". After the harami was formed on touch of the 20EMA45, it looked like a bull flag was setting up in the shorter time frames but we noted to watch for sellers in the 45M time frame as the key for the day. It set up a Grail Sale resolved down a bar later. When the daily chart is pointing down, we must always - always - pay attention to the longer intraday chart such as the 45- or 60- minute, because the big money is always there selling every bounce, and yesterday was no exception. This morning, the target for yesterday's Grail Sale set up has been met. The S&P may make a 2B bottom set up now on this time frame. Watch carefully. The market is very weak, with new lows swamping out new highs by a considerable margin and it's teetering to the brink. So far volume has been low, indicating no bottom on the daily chart. Usually, bottoms are made on a high volume panic clean out...right now there's been a lot of anxiety but no panic. Charts have been posted to intelligentspeculator.com

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