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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (22743)4/12/2000 2:15:00 PM
From: Robert Graham  Read Replies (1) of 42787
 
I am looking at the 45-min SPOO chart as I write this. It looks like the market is getting ready for another attempt at a move up in this time frame. But if this fails, a move toward 1440 is a possibility later for a type of tower bottom where the market can wash out before making any real longer term progress on the upside. IMO the selling patterns have not disappeared, they are still in place. Earlier in the day there also has been an apparent bias downwards by the price action. So I think we may see more selling before a sustained move up in the longer time frame is possible. But some key techs have been holding up well.

Lets see...COMPX at -162, S&P 500 at -3, and DJIA at +106. Computer Index -77, DOT -8, and the SOX at -56. At this moment, the market is resolving a top put in on the 7-min chart increasing the losses in the NASDAQ indices. What is intersting is that this top comes after a similar bottom put in earlier today. So this is suggestive of further congestion with a retest of todays low becoming more possible. The 15-min NASDAQ Futures chart shows a possible bull flag that can resolve upwards. So that attempt at a move up may come sooner for the NASDAQ. This is the part I think you are more interested in. Also what is interesting is that bond have continued to sell off. I have been using the 10-year notes as my reference instead of the 30-year bond.

JMHO.

Bob Graham
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