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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (4391)	6/7/2001 1:18:45 PM
From: UnBelievable	Read Replies (2) of 209892

Did You Every Have To Make Up Your Mind While there is always room for more Jello it seems we are approaching a point where it seems like we may be able to get some information out of this afternoon's activity. $SPX - Now has put in two lower highs and lower lows since the high of 1268 on the afternoon of 6/5. Is now toying with gap support in the 1266 to 1268 area. The gap down failure through this support on 5/29-30 was tested from below on 6/4 and provided support on 6/5 and again twice today (although the second time seemed to show that it was getting weaker). Failure of this line should prompt a rapid retreat to and unless that holds we should be back at 1247-1250 in no time. The trend on this Index is currently down Potentially changing this would be if today's high gets taken out and the following low does not go lower than 1268 (potentially setting up an inverse H&S). 1265 to 1275 Until we take out todays low or high its jello. $INDU, without which $SPX is hard pressed to head up without does not seem to be reason for hope among the bulls. It has been in a nice down trend since 6/5 which I thing is a breakdown from a flag the bottom trendline is drawn from the low of 6/1 and the low of 6/4 from which it broke with gusto yesterday about 11:40 am when it broke under $SPX 1140 (neat). While this might get some support at 10995 to 11,000 it seems headed for 10840 unless it really gets moving and at least start putting in higher lows na higher highs from now on. While generally easily manipulated $INDU seems to be having difficulty due to JPM's announcement this morning and GE's lethargy. If GE does not get going the bulls are going to be saying gee. While early in the day the $SOX seemed to be providing the lift required to enable $COMPX to resist the $SPX/$INDU drag it appears to be weakening. A break below 665 -670 would not be good for the bulls. If he $SOX can manage to take out today's high it should be good to go until about 690 - 705 where it is going to find serious resistance. In the context of these different influences $COMX appears to be spiraling. A break above todays high at what has been stong resistance ast about $COMPX 2250 would be bullish while a break below 2205 would seem to portend a melt to 2170, 2140 and 2090. Without a reversal somewhere in there (the 2000 level would seem to be big trouble) we could be testing the low for the year. So there you have it. The only reason I can see at this point for the market to go up seems to be the fact that it so obviously wants to go down. <gg> But that is a reason that can not be dismissed especially since some energy in a few key stocks could change a lot of things. The boys should be getting back from lunch now and maybe we will get some tell about what they have in mind.

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