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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who started this subject11/7/2000 9:17:24 AM
From: donald sew  Read Replies (2) of 42787
 
NOV 7 INDEX UPDATE
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Short-term technical readings:
DOW - overbought
SPX - overbought
OEX - overbought
NAZ - overbought
NDX - overbought
VIX - 27.03, lower midrange(inverse to market)
CBOE PUT:CALL - .66

Per my short-term technicals, the overall market is in the overbought region, and if the market was to continue up I could get CLASS 1 SELL signals tomorrow and possibly as early as today. We are very close to a short-term top.

Interesting to note that the PUT:CALL ratio is already on the bullish side of neutral at .66, which implies that some are already preparing for a pullback. Just a hint that this forthcoming short-term pullback may not be that strong.

Theres been alot of discussion on the BEARISH WEDGE forming on both the NAZ/NDX. Depending on where one drew the boundries of the BEARISH WEDGE, the lower trendline of the wedge was either broken to the downside yesterday or the NAZ/NDX is sitting right on it. The futures on the NDX this morning is at negative 37. If that does not change by the open, the NAZ/NDX should open up below the BEARISH WEDGE.

There is also a BEARISH WEDGE/FLAG developing on both the SPX and OEX, which are best seen on a 30-min or 60-min chart. These WEDGEs on the SPX and OEX are similar to the ones on the NDX/NAZ in that the range within the wedges are very tight, and the apex should arrive today or WED. Its only a small wedge.

So many factors are lining up for some sort of a SHORT-TERM pullback.

For both my own and website fund accounts, we added more USPIX(short-NDX) yesterday and are now have a short bias in the ratio of 2:1 with about 75% in cash.
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