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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (23333)	5/23/2000 6:00:00 PM
From: Robert Graham	Respond to of 42787

I trade the SPOO e-mini, ES00M. I trade from basically the 5-min chart with looks at the 15-min and 45-min, and in this market, even the 135-min. The reversal yesterday apparently did not follow through at all today. This is not a good sign. I was anticipating at least a move up before selling continued later in the day. As it looks on the daily chart. Most of the gains made from the low of yesterday were erased. Sellers were waiting at the 20 EMA on the 45-min chart which is where the bigger money is to be found. The market apparently wanted to go up in the first part of the day, even after the initial selling. This changed later in the afternoon where the selling continued. I am talking about bias here revealed by overall price action, and not trend. I right now find the 135-min SPOO chart to be better for determining overall market direction in this market. Normally the 45-min chart works in this regard. The larger money has been moving this market in its selling campaign. The smaller money that operates in lower time frames, IOW the public trader, has apparently "wanted" this market to go up. Event he VIX was looking liek the public trader was confident the market has finished selling off. Looks like a test of bottom is coming up on the 135-min chart that is just below the lower trend line of a larger triangle. So tomorrow will be interesting and can help determine what is the near term direction of the market. If the market instead moved up today, which it did not, this would of been telltale sign I was looking for. Moving down like it has right after a type of price reversal, even though a sign of caution to me for those positional players out there, still has not told its story. Tomorrow can help paint enough of the picture. As far as the reversal yesterday, the hammer was significant to me. But a true reversal would of closed higher than it opened, and preferrably at the high for the day. So given this and the selling we have been encountereing, I was a little suspect. So I anticipated some buying during the next day before selling came back into the picture. Instead, we had no gap up, and selling came in early folloed by a rebound that did not reach the high of the day followed by more selling to end up closing down right near the low for the day. IMO tomorrow's low will be closely watched. Bob Graham PS: Great to see Donald Sew here again. SI is truly not the same without him. :-)