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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who started this subject4/29/2004 4:49:19 PM
From: coferspeculator  Read Replies (1) of 14340
 
Today the market experienced an intra-day failure to the upside as demand was met by supply which continues to have control of the market. It traded down with a greater spread on increased volume, ending the day in the bottom quarter of it's spread, finishing off the lows of the day in a nearly oversold condition.

Supply continued to pressure the market to the downside as it pushed prices back into the downtrend from the highs earlier in the year. Additionally, last weeks lows; the half way point off the years highs and lows; and the support offered by the overbought higher reaction point in April were all penetrated today.

For the bulls there is hope that a spring may develop from the resistance lows of April that were penetrated today. Should the market continue downwards the nearly oversold condition of the market, the current downside objective of the years lows and the probable meeting of the 200 day MA should offer support near the lows of the year where a test should occur.

For the bears the dominance of supply tells the tale. The action next week may well bring prices to the test of this years lows. If the test is initially successful, the volume and spread in the rally will offer evidence as to whether a test of the recent highs will be possible. If that rally is weak then the likelihood of another test will be probable. Should that one fail there is a much larger downside objective.
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