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Non-Tech : Raptor's Den
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To: velociraptor_ who started this subject4/4/2003 9:26:32 AM
From: GrillSgt  Read Replies (2) of 10157
 
We are in day 4 of the up cycle and with the day 3 reversal at the end of the day, it appears the indices may try to setup a move lower. However I do not favor that scenario today since Ds continues to point to a rally and an up cycle. Therefore I will be watching for either scenario to pan out.

ES The line in the sand for a move higher is 885. A break here and the up cycle scenario will solidify for a run to 895 gap and 900. Don't fight this as this should be a pretty good squeeze. Trading between 875 and 885 will be choppy and neutral today. Expect wild swings within this range. A move back below 875 could dip down to 869 and 865. Look for buyers here. Therefore 885 is my green light for longs and below 875 for shorts.

NQ 1061 is the line in the sand here. As long as the bulls can hold this level, the chances for a rally are greater. I see 1080 and 1086 as targets. A move above 1086 gets the bulls jamming for 1095 and 1103. Trading below 1061 is a danger signal down to 1052 and 1040. Don't fight a break of 1061 but let it confirm.

Dow Needs to keep trading above 8150 to keep the bull alive. 8250 would be the target with 8350 the outside target on strength. Above here and the bulls are jamming for the 8500 resistance. Trading below 8150 leaks us down to 8100 and 8000. Don't fight this leak either.

Ok so we have 2 possible scenarios today that I prefer, but we also could just continue to chop around in this narrow range before Monday. My Ds and OBV daily indicators do not point to a sell off, so i favor the rally scenario today, but as always will be ready to turn on a dime!
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