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Strategies & Market Trends : Classic TA Workplace

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To: bcrafty who wrote (136244)	9/6/2006 4:57:24 PM
From: Galirayo	of 209892

[SPX] That's hardly a bullish candle pattern .. Crow #1 arrives on the scene. The big boys are back from vacation ... We knew whatever trend was in place at their return would be fought and brought back closer to the mean of that 2 week time frame .. didn't we ? They can't just pick up the ball and run .. they have to fight the Low Vol Tape Trend. It's just like most other holidays. Maybe they just want to buy in at pre vacation levels. That would project back to some major MAs and a backtest of the breakout. Until the SPX takes out the 50ma and the 144ma .. it's in Trend and Up. Time will tell. It did do one of those MA/Price Divergence things recently and got a bit ahead of its self .. sideways consolidation on support is a possibility now. A close look and you might even see an inverted multi headed beast in here. If so .. the Neckline will be Key. stockcharts.com I'll look for 1280 to 1273.90 [the 89ma] as solid support on the Up Moving MAs and Horiz but it'll have to crack 1295/90 1st though. Time to start counting crows.

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