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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who started this subject	9/12/2000 1:54:39 AM
From: donald sew	Read Replies (2) of 42787

SEPT 12 INDEX UPDATE ----------------------- Short-term technical readings: DOW - lower midrange/borderline oversold SPX - pending CLASS 1 BUY OEX - pending CLASS 1 BUY NAZ - pending CLASS 1 BUY NDX - pending CLASS 1 BUY VIX - 21.09, midrange PUT:CALL - .60 5 DAY TRIN - 5.42 Although the NAZ/NDX showed weakness the DOW/SPX/OEX did not show the same level of weakness. Is this a hint that the short-term bottom is nearby or is this a hint of sector rotation where money will continue to flow out of the NAZ to the DOW/NYSE/SPX. Today was the BUY-IN DAY of the CLASS 1 BUY signals. If the indices drop below MONDAYs intraday lows, that would imply that the response to the BUY signals are late and imply that this rebound should be small. If the indices closes negative and especially if they close at the intraday lows, that would be the first sign that the CLASS 1 BUY signals were negated, and thats simply a negative for the market. Im not sure what to make of it but the 5-DAY TRIN has not given a BUY SIGNAL(=>6) or SELL SIGNAL(=<4) for several weeks. Probably just confirmation of how tough it is to forecast the market. What is getting quite worrisome is that the NDX is getting very close to the LOWER SUPPORT LINE of that BIG BEARISH WEDGE which I mentioned in a recent INDEX UPDATE. Last weed the NDX broke a bearish wedge, but this wedge is the bigger one which is better seen on the weekly charts. That lower trendline of the big wedge is around 3600 for tomorrow, and if that is broken to the downside I would consider that as a very significant negative. One area of support for the NAZ/NDX would be the FIB 62% retracement level: NAZ - 3979(38%) 3891(50%) 3802(62%) NDX - 3841(38%) 3745(50%) 3648(62%) I realise that the NAZ/NDX looked quite weak today, but the overall market was not exceptionally weak. So again, is it a sign of a short-term bottom or a hint of SECTOR ROTATION out of the NAZ. Dont know right now.

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