Stock Attack II - A Complete Analysis Message Board

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

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To: StockOperator who wrote (5265)	4/6/2001 6:41:22 PM
From: Michael Watkins	Read Replies (1) of 52237

Hello SO & Thread, Reviewing the day's price action and I guess the best conclusion I can come to about the day is "it was a draw". Nasdaq futures: ottographs.com S&P futures: ottographs.com Given the huge move up on Thursday, and the prevailing sentiment, it doesn't seem that surprising that some sell sellers came out to lock in gains and to establish new short positions in anticipation of a fast clunk and test of recent lows. And this did not materialize... However in both markets pictured, an argument can be made that old resistance was providing support today. The development of a declining wedge on the SP and a triangle with a little trap on the ND adds a little more weight to the "its not dead, yet" argument. If what appears to be support now - intraday - fails, I guess we'll go back to the drawing board and see if a test sets up on the prior swing lows. As always, we should be prepared for the unexpected as well as the ordinary turn of events. And to round off the analysis, my gut says up too. But my trigger finger knows no bias, so next week we'll see which way it leans! Have a good weekend everyone, mw

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