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Strategies & Market Trends : The Thread II

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To: hotlinktuna who wrote (5709)	8/8/2001 2:22:25 PM
From: stan s.	Read Replies (4) of 9026

1973 is the first real area of support I've been mentioning at WSM. Failure on a close there any time in the next few days would indicate a likely test of 1922. From last evening. wallstreetmonitor.com August 7, down 6 to 2028. This chart and comments up by 5:00 eastern. The other charts will be in later tonight along with the watchlist. The charts of the day will likely be in late tonight, if not they will be up in the early morning. Shortened version this evening... Another low volume yawner as the NASDAQ edged down from 11:00 on before a little up blip at close.. This was basically a 'waiting for CSCO earnings' day. I'll ignore that event and just look at the chart. The continued move down today was in line with the expectations of this pullback. I still think there's more downside to this corrective action before it's over...but I still don't view this as a severe pullback either. Initial downside of importance in my opinion is the fibo retrace at 1973. If the naz fails to hold that point on a close this week...I think it tests the 1922 area as a minimum. That's a fibo and gap support area. I'm not sure if more downside would be warranted after a test of 1922 but the next areas to watch would be 1889 and 1852. As far as upside is concerned. The naz has to pull back over that 2089 fibo resistance area or preferably the spike high at 2103 before it can seriously think about a solid upward move in the near term. CSCO earnings not withstanding, the chart indicates more downside is in order before any sustained surge can take place. One positive note for the techs was the SOX. Even though it suffered a substantial loss it managed to climb back over support in the 606-610 area by close. New highs led new lows again by a comfortable 96-64 range but that percentage is a little lower than it's been in the last few days.

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