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Strategies & Market Trends : Group Theories
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To: macavity who wrote (790)11/5/2003 4:15:12 AM
From: macavity  Read Replies (3) of 1017
 
ST Outlook: US Equity Indices.


ST Outlook: BULL/MIXED
BULLISH while above ST_PVTLOWS


ST_CHARTS


	MO	PVT	PVTHIGH	PVTLOW
$SPX	#N/A	BEAR	1057.96	1051.7
$OEX	#N/A	BULL	525.42 	519.98
$COMP	BULL	#N/A	1971.38	1953.64
$NDX	BULL	BULL	1445.72	1422.32
$INDU	#N/A	BULL	9896.16	9802.38



$COMP printed a new high.
This was unconfirmed by SPOOs and also $NDX.
We are O/Bt on ST_TRENDOSCILLATORS so this bearish divergence should be noted.
I will consider the trend to have reversed, if/when the $SPX takes out its ST_PVTLOW.
This is actually at Friday's close but my EOD system cannot cope with TrueRanges to define a pivotBar
Yesterday we saw SPOOs and $INDU test Monday's Lows but the Market held as similarly this was unconfirmed by the NAZZDOGSs.

So Bullish whilst
$SPX> 1050.71
$OEX> 519.98
$NDX> 1416.39
$COMP> 1953.64
$INDU> 9801.12

Intraday.
ST2_TRENDOSCILLATORS are at o/sold.
And ST2_CHARTS turned BULL towards the close of trading.
Provided that the indices can hold the lows of the last 2 hours trading for the open today ($SPX > 1051.70)we should see an upward bias to the day as hourly stochs rise.
A move below the last hour's lows would indicate a move to the levels above.

So Bullish.

Unless new highs are formed for the indices it feels that either
i) We are consolidating above support at $SPX=1050
ii) We will reverse back down below $SPX=1050.
either way we reduce the current oversold nature of the market here.

-macavity
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