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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (147)6/22/2004 4:21:56 PM
From: coferspeculator  Read Replies (1) of 14340
 
Today the market had an intra-day failure to the downside and finished at it's highs with an increased spread on higher volume as the market ended the day in a NEUTRAL condition. The intra-day failure was a result of demand coming back into the market, meeting supply and carrying the market up throughout the last few hours of trading.

The intra-day failure occurred at the lows of the current short term trading range, resulting in a spring. The character of the action of this spring was good as the market finished near the highs of the day and offers the potential of an effort to take out the current highs of the range. There have been several penetrations of the supply line off the highs of the year. Todays effort re-established a position above the line and further progress to the highs of this short term trading range would suggest a breaking of that supply line. It would also place the market above the short term demand line off the lows and indicate that the potential apex that was talked about recently is being broken to the upside.

That's a lot to watch for and offers the bulls some encouragement "should" all of the above take place. "Should" remains a question at this moment but todays action offered some encouragement for the bullish case.
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