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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (15132)	4/28/2001 11:02:59 AM
From: ajtj99	Read Replies (1) of 30051

Zeev, I gather that you're postulating that instead of touching resistance at 1850 we've bounced off 2000 in the middle leg of the inverted W and are on the way to 2250 or, more than likely, 2388. I thought resistance at 1750 on the NDX and 2000 on the COMP was strong, but it seemed bulletproof this week. The SPX seems to be in an unsustainable up move, but it could consolidate a little around 1239 and move to 1312 before reversing and heading back down. It looks as though on the outside, the brokerages and funds are pumping the market, but the real story may be they are still scared to death of the direction and hedging against a big near-term drop. That may be what you saw in the P/C ratio yesterday (appreciated the link:)

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