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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: drsvelte who wrote (24698)	1/4/2000 2:19:00 PM
From: shasta23	Read Replies (1) of 67759

doc, the selling is getting more serious today after the thrashing(gap up, gap down..) on the NAZ the last days.Dow Jones broke out of upward channel but bounce off 50DMA at 10970. First test should hold.Same for SPX at 1400(=50DMA). Naz is different story. 50DMA (=3420!!)would induce panic selling. How about trend line support? that's somewhere between 3800 and 3900 according to my daily charts. So this one day correction is it? Don't know...i still think we are horrendously valued but charts just don't look ready for shorting. Uptrends still too strong. I stand on the sidelines so far. Oh, it seems that the stocks that are not that overvalued are holding up much better: e.g. TLAB, RMBS etc. Take care. Stefan

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