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Strategies & Market Trends : Trend Setters and Range Riders
MSFT 470.36+1.0%Jan 26 3:59 PM EST
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To: RKHIII who wrote (12844)2/26/2002 10:48:19 PM
From: Susan G  Read Replies (1) of 26752
 
Gaps are always resistance from below and support from above... And everyone who ever taught me to trade taught me that and I've learned it from experience. There is sometimes the exception though, where they blast right through, Usually they are magnets but then filling them can take a few attempts.

There is always at least a pause and a pullback when testing a gap from underneath. And then usually another pause as it fills it totally and hits the top. The S&P had a gap until it filled yesterday, and it took 4 or more tries - over a period of several days. When it filled, that started the rally yesterday.

One positive about today is market breadth on the DOW was good...the nas was just slightly positive, but there were more highs than lows.

And if we do fill that gap, which is from 1791.01 to 1801.97 that could spark a good rally...

As well as something Greenspan may utter tomorrow, if he speaks the words the market wants to hear, it could be up up and away! And reverse those bearish charts totally.

The market direction here depends on his words tomorrow, that will be the deciding factor I'm sure. If he sees recovery, we will definitely rally. But if he is too cautious, watch out!
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