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

To: Chris who wrote (28618)	8/29/2000 10:50:06 AM
From: Paul Shread	Respond to of 42787

Right at SPX rising wedge lower boundary.

To: Chris who wrote (28618)	8/29/2000 10:52:28 AM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

Looks like that move down made by the SPOO was coincidental to the one provided by the bear flag on the ND futures. TICK and TRIN were cooperating. But now the TRIN has not validated the move. Instead, TRIN has moved back down a bit. When the TRIN does not appear to continue to compliment the initial move made, particularly in this case a move from a congestion, then there may be no follow through move. Instead price may make a move now to the other side of the existing congestion range. Right now the SPOO has been putting in a narrow but extended congestion on the 1-min chart. So perhaps one more try for a continuation move. Now it looks like the TRIN is attempting to put in a bottom. TICK has not retraced from its second push doqwn that caused this most recent move down by the market. 10:55 AM Now TRIN is moving up from that bottom it apparently has put in. ND futures is making new lows. TICK has not made a move yet. But will the SPOO follow? 10:58 AM TICK made another push down. The SPOO followed but not in any significant way. It instead has pulled back from its push into new intraday lows. So far it has been respecting the resistance provided by the congestion range it was trading in. Perhaps we will see one more attempt at a push down. If that fails, then I suspect either further consolidation or a move up. 11:01 AM Looks like the SPOO is moving back to touch its 20 EMA 1. This will be IMO its last chance to initiate another move down. 11:05 AM Looks like the SPOO has moved back into its former congestion trading range in effect extending it to the recent lows it has put in. Price now moving to test the other side, the top of this trading range. Bob Graham