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Strategies & Market Trends : Market Trend Analysis from MomentuMonkey
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To: David Lee Smith who wrote (70)7/22/2000 7:16:30 PM
From: Stcgg  Read Replies (1) of 281
 
BEAR MARKET UPDATE -

NAZ is bearish.. After falling in 5 waves from the March peak, (Big Wave 1) down, then rising in a corrective 3-wave abc, (Big Wave 2) up to the recent high, the index is ready to descend to lower lows in the (Big Wave 3) down.. Third Waves are the longest and strongest of any in the Elliott Wave.. Any bounce that fails to rise over 4289 in the composite, or 102 1/16 in the QQQ is an excellent time for Short or Put trade positions.. The next fibonacci turn date is July 30th +/- 1 day, coinciding with month-end window dressing.. From there, expect a shorter's paradise for the month of August, historically one of the worst months of the year for the market..

DOW has very strong resistance at 10940-11000, with support in the 10500-10600 area.. The index has failed to close above 10863 in the recent rally, indicating further weakness in it's attempt to break out of it's 16-month long trading range..

S&P 500 has completed 3 waves up with strong resistance at 1533.. A break below 1488 in the futures, will lead the index to lower lows than last Spring..

For indepth understanding of market patterns, with a complete course in Elliott Wave Theory, visit their web-site at: elliotwave.com

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