Trend Setters and Range Riders Message Board

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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 468.61

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11:25 AM EST

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To: Challo Jeregy who wrote (18041)	5/21/2002 7:37:19 PM
From: Susan G	Read Replies (2) of 26752

A couple of charts... I'm wondering if tomorrow that we do a quick retest of the lows and fill that gap all the way and then reverse to the upside...OR do we get another Island reversal and retest those May 7th lows? If we do not get the Island reversal, it will be a meaningful hint of a change of trend. With the exception of the one on May 8th, all the others in the past few months resulted in another leg down. mywebpages.comcast.net NDX, COMPX and NQs may be forming bullish descending wedges here, formed over the past few days. That's the pattern every sharp snap back rally has started from the past few months, a break of the short term downtrend lines... Not that I'm bullish <g> I just like early warnings that the train is reving up when I'm standing in the middle of the track! You might have noticed today on the NQs and SPs, after a big dip, any pop over the 1 or 2 min 10 or 20 EMAs caused quite a flurry of panic short covering, so that lets me know many were short. It was usually the top of the bearflag though, there was no need for panic covering! Sellers were waiting at those EMAs each time it happened, we went lower after those shorts were shaken out. NDX Descending wedge mywebpages.comcast.net NDX Daily mywebpages.comcast.net NQs 15 minute mywebpages.comcast.net

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