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Strategies & Market Trends : Classic TA Workplace
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To: John Madarasz who wrote (5128)6/15/2001 10:30:59 AM
From: UnBelievable  Read Replies (2) of 209892
 
Some Points Of Interest Today

$SPX gap from April 18, the top of which is $SPX 1200 and the bottom of which is 1190.

$INDU 200 SMA 10610, 100 SMA 10581 seems to have gotten some initial support in this area. If this fails 10,450 should provide support.

$NDX has a downtrend line from the Sept. highs and the Nov. and Dec. highs that measures to about $NDX 1600.

$COMPX the Sept. DT line measures to the psychological support level of 2000. Below that is the gap from 4/18/01 the top of which is 1995 and the bottom of which is 1940.

$SOX 575 should provide significant support, below which are 560 and 540 which could provide a bounce if necessary.

$NYX 610 should provide support.

$IXCOX appears to be bouncing a bit on the September DT line that measures to about 950 today. This point also corresponds to the top of the April 18 Gap the bottom of which is 940.

Keep in mind that these are all daily support levels which means that they may be initially not be perceived as providing support but if by the end of the day the market pulls back to these level will appear on the dailies as having done so. On a intra-day basis I would expect to see some degree involvement from most, if not all of these points to some extent.

On days that appear to have the potential for big moves, as it seems today might, I think Allan's advice about not buying the first break is particularly good to keep in mind.
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