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Strategies & Market Trends : Classic TA Workplace

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To: Jack of All Trades who wrote (7598)	7/19/2001 4:06:52 PM
From: JRI	Read Replies (1) of 209892

A 25-30 pt. gap up tomorrow puts us just below today's high, and important resistance at 2080....would scare the poop out of some shorts (for a bit), and a real stare-down would take place....would shorts give? I am not favoring that scenario, but stranger things have happened. That 20pt rally off lows late this aft. makes any gap up tomorrow much more interesting.....Had we stayed near lows...a gap up of that magnitude (the maximum I think possible in the current environment) would only get us to 2055 or so, and would still require a lot of buying to test that 2080...not a lot of shorts going to cover at 2055, IMO.. As we know, its not so easy for market to do it "on it own"... That 2080 level has been a big level for many weeks now.. kudos to Zeev for picking it out a long time ago

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