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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (9082)5/29/1998 3:04:00 PM
From: Robert Graham  Read Replies (3) of 42787
 
It looks like the target for the DJIA was met and exceeded. If buyers do not step into the picture here and the price turns downward from here toward the pivot point represented by its intraday low, then I think we may have a down market from here. But it is already 3PM. So we will now very soon now what is going to happen. The NASDAQ's move up appears to be weakening. Briefing is saying that the larger cap tech stock have not been participating in this move up by the NASDAQ which means that the NASDAQ group of stocks is lacking leadership and makes the move up not convincing. The S&P 500 followed the DJIA in its price action.

The "market internals" by Briefing shows up and down volume about equal due to sellers that are continuing to step into the picture. Advancers still lead decliners by 50% which has narrowed fom 100%. Since TRIN has been staying above 1.3, the TICK has started to move into negative terratory. So if this is any indication, we may not be seeing any new intraday highs today because the market may sell off from here. Right now it looks like the market has not made up its mind yet with respect to the indices. A program sell should do the trick. This would allow the averages to post a down day during a rebound from interday market lows. This would be a bearish sign that may portend more selling to come in the near future. However, I think we need to keep in mind that this is a Friday so it should not be a surprise at the end of the day for people to take their long positions of the table.

Bob Graham
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