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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 671.91

0.0%

Nov 14 4:00 PM EST

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To: Johnny Canuck who wrote (36686)	4/8/2002 2:53:55 PM
From: Johnny Canuck	Read Replies (1) of 67990

So far pretty impressive strength in light of any significant news of broad impact. COMPX gapped open down on IBM announcement of layoffs and reduced prodcution of oil by Iraq as a protest to Israel situation. Gap open at the open on the COMPX was to 1733, one point above the 1732 support level. It bounced strongly from there as anticipated. The was a non-existent counter rally during the 8:30 AM PST period showing that the market wants to go up. A close above the 1780 resistance level will encourage more buyer tomorrow. A move above 1800 is needed to really get buyers interested though as that would give two support levels above the 1732 support level. As earnings news in light this week with only JNPR off significant I would expect the upside bias to persist. JNPR earnings everyone knows already is bad and institutions will try to defense it at the $10 level. In the absences of a further downside surprise I expect JNPR to have little effect on the market.

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