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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (22857)4/18/2000 12:23:00 PM
From: Robert Graham  Read Replies (1) of 42787
 
Interesting market. I see earlier that the trader's in the smaller time frames lacked enthusiasm, and it appeared the larger money was moving the market. After a bit larger than expected pullback price continued to move up. Looking back to yesterday, a bottom has been put in. IMO this does not require a retest of the bottom, but just of significant support. This can be the high of the bottom pattern at 1391.75, or some other significant resistance higher up. Now it looks like the market is still continuing up with some strength.

I am looking at the 7-min SPOO. Two topping patterns were put in that have been invalidated. Just when momentum looked to be slowing down and price looking to pull back, another move up was put in. Lets see if this is a volatility type of bar that often in this market can reverse, or if price remains strong and continues to move up from here. I am starting to suspect the latter. I think we shall see early into this afternoon session.

In the broader scheme of things, the gap appears to be significant and what price does after filling that gap. IMO this can help tell us what is behind this rally. The gap on the SPOOs starts at 1443.75 which is where it is at now. Perhaps one reason for price to continue up with this gap acting as a magnet.

JMO. But what do I know. :-)

Bob Graham
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