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Strategies & Market Trends : MP - Market Pulse

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To: HairBall who started this subject	7/9/2001 7:01:48 PM
From: HairBall	Read Replies (3) of 1328

COMPX Intraday Chart... My QCharts – COMPX (NASDAQ Comp) 30-Min Semi-log Chart Per my market update on the MDA Web Site Sunday evening, I expected some downside follow through to Friday’s even though my intraday technicals were legging into the oversold range. However, I expected any follow through decline to be constrained (supported) within the lower boundary of the 4/17-18 gap-up (1941.54). The pivot target date of 7/9, with three hits per my work, did manage a slightly lower low today. Instead of follow through the index found support right at an important psychological price point of 2000, bouncing just above the upper boundary of that 4/17-18 gap-up (1995.91). This bounce did allow for my two shorter-term intraday techincals to move above the oversold range. This places my intraday technicals in the mixed zone. I always prefer it when my technicals all line. The price action is now in the middle of recently unfilled gaps both up and down. Today’s bounce has resulted in a rising consolidation pattern commonly referred to as a rising wedge, which should break tomorrow. A break to the norm would suggest the decline is not over and the July 12th date may well come into to play. A negative break will provide a test of the 7/5-6 gap-down. Keep an eye on the in play rising wedge tomorrow. The futures should give us a hint before the open , it they are flat pre open To view My COMPX Chart, click on the link below and then click on Chart 1. lgscharts.homestead.com Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

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