Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 677.48

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Nov 5 4:00 PM EST

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To: Johnny Canuck who wrote (37828)	7/26/2002 10:09:59 AM
From: Johnny Canuck	Read Replies (1) of 67677

[madtrader] Thu Jul 25, 4:08pm PDT $COMPX Whiplashing around all day. As dire as things looked, it still finished the day above the clearly defined downward regression channel that developed in the past week. Since we had an inside day today (lower high than previous day's high, and higher low), we should get a better picture of the real direction tomorrow. The key level to watch is the higher low level of 1220. If this gets pierced to the downside tomorrow, a short position should be established. Of course, if the index can manage above 1260, a rally is likely. none. [madtrader] Thu Jul 25, 4:02pm PDT $DJI A wide ranging day today, much like yesterday. After all the gyration, a clear trading range is developing. DJI managed to find a possible higher low, and a higher high. From a relative strength angle, it is also doing better than Nasdaq. The lower boundary of the range to watch is 7945-7950. A break below this level tomorrow will invalidate the rally we have thus far. A break above the upper boundary above 8300 will likely take us back to the 8600-8700 level. It can over shoot to as high as 8800. Which is the 162% upside Fibonacci projection, if you use yesterday's lows and today's highs are reference. none.

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