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: Terry Whitman who wrote (7549)	5/17/2001 6:57:04 AM
From: donald sew	Read Replies (1) of 52237

MAY 17 INDEX UPDATE ------------------------- Short-term technical readings: DOW - CLASS 2 SELL SPX - overbought region OEX - overbought region NAZ - upper midrange/borderline overbought NDX - upper midrange/borderline overbought VIX - oversold region Per my short-term technicals the overall market is now in the overbought region and will be getting more CLASS SELL signals in 1-2 days if the market continues up. A CLASS 1 SELL signal could ring by tomorrow for the NAZ/NDX depending if/how strong it rallies. We are approaching a short-term top quickly, in light of yesterday having midrange/oversold readings. As mentioned previously, prior to yesterday the VIX was out of sync with the major indices, but with the breakdown in the VIX yesterday, it is now back in line. Prior to yesterday the VIX had a DESCENDING TRIANGLE hinting that it should break to the downside, and yesterday it did break to the downside significantly producing a lower low which implies that the VIX is still in a downtrend. Since the VIX moves inversely to the major indices, that is a bullish hint. Depending on where I start the cycle count, I have a 34 DAY cycle turn date either 4 days ago or 4 days from now on MAY 23. Im more inclined to say that it is a cycle high. Not to imply that the forthcoming pullback will be strong, but cycle turns commonly do not produce weak moves. Im more inclined to say that the forthcoming pullback should not be small, but should also be a buying opportunitity. The XAU(gold index) has broken out to the upside. On the weekly chart, an INVERTED HEAD & SHOULDER has formed and the TARGET MEASUREMENT is around 68. I dont totally rely on the H&S pattern, since I have seen many fail/not reach the measurement target; nevertheless am mentioning it. My weekly and short-term technicals on the XAU are now in the CLASS SELL territory, which is somewhat lining up with the INVERTED H&S pattern

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