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Strategies & Market Trends : Group Theories
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To: macavity who wrote (759)10/21/2003 5:05:08 AM
From: macavity  Read Replies (2) of 1017
 
ST Outlook : US Market Indices

ST Outlook: BEARISH/NEUTRAL from BEARISH
NEUTRAL above PIVOT HIGH

ST_PIVOTCHARTS: MIXED
ST_MOMENTUM: BEAR
ST_TRENDOSCILLATORS : LOWER MIDRANGE

ST_CHARTS

	MO	PVT	PVTHIGH	PVTLOW
$SPX	BEAR	#N/A	1044.69	1036.13
$OEX	BEAR	BEAR	523.94 	516.73
$COMP	BEAR	#N/A	1925.16	1905.39
$NDX	BEAR	#N/A	1409.31	1388.54
$INDU	BEAR	BEAR	9815.79	9701.72



DAILY Charts still point down, but yesterday's bullish reversals turn some of the ST_PIVOTCHARTS to Neutral.
I closed out my short NQ position for a small loss.

HOURLY stochastics [ST2_TRENDOSCILLATORS] are rising but are not yet at o/bt levels. The bias for the day is a continuation of yesterday's intraday rally and I see quite a lot of room for The Market to run with NQ having 1430 as a possible target.

Of the indices all, apart from the $OEX and $INDU, took out last week's lows, turning the WEEKLY charts down .
This gives The Market a slightly more BEARISH tone unless the highs are taken out. With IT_MOMENTUM remaining positive, but declining we should pay close attention to this rally. Should HOURLY stochastics cross down before we break recent highs, I would start getting even more cautious. I would expect them to get to o/bt by the end of today.

The bias intraday is for up provided the following levels hold for the first hour.
$SPX> 1038.75
$NDX> 1397.00
$INDU> 9725.00

I would look for the $NDX=1430 as a first target, and keep a beady eye on the hourly stochastics (or an indicator of similar speed)

-macavity
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