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: Chris who started this subject	7/18/2001 4:34:43 PM
From: donald sew	Read Replies (1) of 52237

JULY 18 INDEX UPDATE ------------------------- Short-term technical readings: DOW - overbought region, a HARAMI & MINI-HANGING MAN COMBO SPX - upper midrange/borderline overbought, IMPERFECT HANGING MAN OEX - upper midrange/borderline overbought, IMPERFECT HANGING MAN NAZ - midrange NDX - midrange SOX - midrange VIX - upper midrange NAZ NET NEW HIGHS-LOWs - +39 Those HANGING MEN in the DOW/SPX/OEX are a bit worrisome, and imply negativity. I realise that some may be bullish since the DOW recovered alot of the intraday's loss, but per the candlestics - they are HANGING MAN's. HANGING MAN are only moderate/low reliability, but there are 3 of them. Theres a possible FALLING WEDGE(bullish) on the NDX, but as mentioned by PAUL there's also a possible HEAD & SHOULDER/RISING FLAG(bearish). The LOWER TRENDLINE of this possible FALLING WEDGE is around 1650, so if 1650 cant hold - thats not good. The SOX may be forming a PENNANT. The common rule is that PENNANTs normally take the direction of the trend, which is now down - not saying that its 100%. As mentioned for months, the SOX has been a reliable leading indicator for the NAZ/NDX. So if this pennant breaks to the downside - not good for the NAZ/NDX. The NAZ NET NEW HIGHS-LOWs closed at +39. If the NEW HIGHS continue that way, that would be bullish. Need to watch the NEW HIGHs-LOWs over the next few days. Also, sometimes it takes awhile for the NEW HIGHs-LOWs to react. Unless the market can get some good news, it appears for now that there could be more downside. Just heard on CNBC that IBM is down 3.

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