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Strategies & Market Trends : Market Trend Analysis from MomentuMonkey
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To: David Lee Smith who wrote (74)7/29/2000 1:30:07 AM
From: Stcgg  Read Replies (1) of 281
 
NASDAQ UPDATE -

We're looking down the barrel of a Big Wave 3 decline which can carry the Index below it's May 24th lows.. Third waves are the longest of the Elliott Waves and the ones responsible for most crashes - It's looking more and more like the Japanese bubble a decade ago..

The Wave 1 decline took the index from it's Mar 10th high of 5133 to it's May 24th low of 3043, a decline of 2090 points.. The Wave 2 correction brought Naz back up to 4289 on Jul 17th, from which we started a Wave 3 down.. The 200ma is around 2500, a level which could easily be sliced through in a strong downdraft..

siliconinvestor.com

Commercial Traders (Smart Money) have again increased their all-time high Short positions in the markets by 9731 week ending July 25th..

Commitment of Traders Data
Net Quantity Long (Short)

Date........Commercial...Speculator...Sm Trade
--------------------------------------------------------
6/06/2000........(37728)...........941..........36787
6/13/2000........(39805)...........187..........39618
6/20/2000........(38573).........6294..........32279
6/27/2000........(41758).........6905..........34853
7/05/2000........(43393).........6445..........36948
7/11/2000........(44272).........7364..........36908
7/18/2000........(43520)........10051.........33469
7/25/2000........(53251)........12586.........40665
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