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Strategies & Market Trends : E-Mini Pit

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To: Susan G who wrote (575)	2/14/2002 9:32:12 PM
From: the-phoenix	Read Replies (2) of 11288

Susan: All that may be too obvious. Take a look at this: webdesigns1.com After breaking the trendline yesterday, today's selloff has only just re-tested the breakout to this point. A pullback off the 20 day moving averages on a first test shouldn't be a surprise, even for a healthy rally. The S&Ps had a similar reaction on Tuesday - testing the 20 and then pulling in, but then powering through the next day. If this trendline / fib support* can hold in the morning, I think we may see a couple of days of sideways-to-up still before a clear new direction asserts itself. For that reason, I will try to once again dump my current short at a reasonable price tonight and go back to day-trading mode. 5 minutes has become too long for me to try to predict in this market, let alone the next few days. *The low today came exactly at the .382 retracement of the rally this week: 1407.5 (Friday low)to 1512 (todays high) = 104.5 points. Today's selloff: 1512 - 1472 = 40 points. 40 / 104.5 = .38278!! Also, that darn 1.272 expansion again: Wednesday afternoon low (1480) to today's top (1512): 32 points. 1.272 x 32 = 40.7 points. Selloff from today's high to low: 40 points! These bounces right at the fib lines are uncanny.

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