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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject4/3/2003 9:26:00 AM
From: GrillSgt  Read Replies (2) of 436258
 
Luc...you asked

To follow up as I did promise. Day 3 of up.

DS on the S.p is currently 32 on the daily and 24 on the NQ. Appears we're in for another upcycle. Both are pointing up but of course that can cahnge on a dime. I would focus on those. Once again we have a monster gap to deal with. If we are to enter a down cycle today then we should see some high and an erosion from there.

Just to note that the move yesterday on the NYSE had daily obv make a higher high then last time we were up here. Also A/D is much stronger suggesting this leg of the rally is even stronger than the last. It appears that more institutions are making bets.

ES 885 was the spot. A break here and we have a clear shot at filling the gap at 893-895 area. Look for a brick wall here. A break here and the squeeze is on up to 898 and 905. This could happen on any positive war news. A move back down below 879 should end all rally hopes and send us lower for a correction. I just can't see a down cycle setting up right now with the way daily Ds is sitting. Now the weekly Ds is working its way into o/b which should keep a lid on this thing. The move below 879 should target 873 and 867 on follow through. Look for buyers here again.

NQ Trading above 1067 keeps the bull alive up to 1079 and 1097. The naz obv and a/d numbers have been lagging the nyse so this may be a little tougher.
The current rally is not as broad base as the nyse. A move back below 1067 and we target 1052 and 1045. Look for buyers here again.

Favor a top a drift lower with still an upside close.

,,t/c
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