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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: Johnny Canuck who wrote (40018)	8/6/2003 12:42:27 AM
From: Johnny Canuck	Read Replies (2) of 69984

COMPX generated a sell signal on the daily charts. Intra-day COMPX signal is still neutral. T2110 (percentage of stock one STD above the 40 day SMA) is testing support at 20.40 percent. This is the level that the COMPX saw the break out to the upside in March. A break of this level would indicate a serious weakness in the market. T2113 broke the 100 day EMA level today at 13.30 from below. I would expect 2 more days of selling. The real action does not happen till after labour day and Wall Street comes back from the Hamptons. Till then the easiest direction is down. Remember that August till October is the more volatile time to be in the market. If you don't have to be there go on vacation. Breakout scan showing 9 to the upside and 47 to the downside. This is a decidedly negative bias.

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