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Strategies & Market Trends : Group Theories
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To: macavity who wrote (780)10/28/2003 8:27:08 AM
From: macavity  Read Replies (2) of 1017
 
ST Outlook: US Market Indices.

ST Outlook: MIXED/BULL from MIXED/BEAR
BULLISH above ST1_PVTLOWS

ST1_CHARTS: 


	MO	PVT	PVTHIGH	PVTLOW
$SPX	#N/A	BULL	1037.75	1028.91
$OEX	BEAR	BEAR	514.88 	505.98
$COMP	#N/A	BULL	1890.66	1873.62
$NDX	#N/A	BULL	1384.91	1369.38
$INDU	BEAR	BULL	9663.79	9584.54


What is there to say.
Take your choice.
We are at a decision point.
Halfway between 1020(support) and 1050(resistance), with PIVOT charts pointing up on a low-volume rally.
ST2_Charts (MO and PVTs) turned positive up until halfway through the session. They are now negative - though at GLOBEX levels 1033 they would be positive again.

It was a low volume day and my outperforming indices -$BKX and $BTK - were negative.

In Europe indices are up, but have now reached the targets implied from the intra-day W-bottom formed on Thu/Fri last week.

So we are at a real decision point.
Read somewhere there is an FOMC decision so I guess that the market may well just mill around for a day or two.

The IT picture has gone a little bit more bearish as $COMP IT_MO is now negative.

While we are above ST_PVTLOWS, we should be gracious enough to acknowledge that Da Bulls remain in command. A break of ES=1035 and NQ=1385 and they would have made there point.

Short NQ - small

-macavity
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