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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 689.100.0%Jan 23 4:00 PM EST
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To: Johnny Canuck who wrote (41109)4/22/2004 11:52:59 PM
From: Johnny Canuck  Read Replies (1) of 69967
 
April 23, 2004



On Thursday, the Nasdaq opened flat but soon began to rally. It remained strong throughout most of the day before finally drifting going into the close. This action has it closing well and puts it back above its 50-day moving average. 2100 remains resistance here.



The S&P put in a similar performance. This action has it also closing well and also puts it back above its 50-day moving average 1140-1160 remains resistance here.



So what do we do? Just two short days ago, the market was down sharply. Now today (Thursday), it's up sharply. From a momentum trader's perspective, this lack of follow through is frustrating (to the say the least). Also, out of the 7,000 stocks I scan nightly, I was unable to find any meaningful setups. Usually, this is a sign that I should stand aside. Therefore, avoid making any big bets until the market can prove that it can follow through--in either direction. One last point, if you do decide to buy this market, use caution since the

A) the VIX is hovering near multi-year lows (a sign of complacency) and

B) As mentioned for some time now, the indices remain below a substantial amount of resistance.

Best of luck with your trading on Friday!
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