Dave Gore's Trades That Make Sense Message Board

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Strategies & Market Trends : Dave Gore's Trades That Make Sense

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To: Prophet who wrote (8980)	6/28/2002 3:28:21 PM
From: Dave Gore	Read Replies (2) of 16631

Prophet, you really thing we are oversold? Stochastically that isn't necessarily true. In fact, many think that the PPT has been having a hard time propping up the Market. That said, I have no idea what will happen next week. On the hour chart, Raptor said this: "On the hourly chart: Not much to add here. Bearish flag in blue looks like the C wave of the correction that began a few days ago. Stochastics now back to overbought. Resistance above near 1475, 1517 and 1540. Support near 1420 and 1375." On the daily he said this: "...it appears to be forming the C wave down now which targets 1315. There is support near 1375. Resistance above is near 1555 and then 1600. Stochastics are oversold and crossed which suggests limited downside and favors the upside. Volume is picking up on each drop and pulling back on each rebound which still favors the downside." On the weekly: ..."With the current downside going into acceleration, it may be time to watch for potential bottom points. The major trend lines that point to a bottom are at 1385 and near 1200 at the 1998 low. Below this and we're in trouble."

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