Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Oral Roberts who wrote (34207)	10/27/2000 9:13:35 AM
From: donald sew	Respond to of 42787

OCT 27 INDEX UPDATE(part 2) -------------------------------- After the SELLOFF into OCT 12, there now appears that various BEARISH PATTERNs are possibly developing. Here are a list of them: DOW - BEARISH WEDGE SPX - BEARISH FLAG OEX - BEARISH FLAG NAZ - BROADENING PATTERN NDX - BROADENING PATTERN SOX - BEARISH FLAG Here are the coordinates for the SPX's BEARISH FLAG: UPPER TRENDLINE - intraday highs of 10/13, 10/16, 10/20, 10/23, 10/24 LOWER TRENDLINE - intraday lows of 10/18, 10/26 All of the above patterns started forming from/after OCT 12. I would see a few more junction points for the above patterns, but its fair to say that such patterns are possible. The DOW is already near the upper resistance of the its BEARISH WEDGE, so if can contiue up strongly, that would negate that pattern. The other indices mentioned are closer to the lower bounderies of their patterns, so there is still significant upside within their patterns. For example, the UPPER TRENDLINE of it's BEARISH FLAG is around 1425 for today. Not that I put alot of emphasis on one-to-one comparisons, but going back to SEPT of 1998, the major indices formed bearish chart patterns(FLAGS/WEDGES) prior to the FINAL DROP in early OCT. Those bearish patterns in 1998 developed over a course of about a full month. If these current bearish chart patterns remain intact, I am suspecting one more retest of the LOWs before a MAJOR BOTTOM is set. That retest could produce a LOWER LOW or could HOLD, so right now I would just be guessing. As to when these bearish chart patterns will break to the downside if they remain intacted - my guess is within 1-2 months, and could even be very soon. One thing I noticed is the SLOPE of the FLAGS which are quite steep, and much steeper than in SEPT of 1998. Not sure what to make of it right now. Please keep in mind that most of the above patterns have significant trading ranges so trading in both directions is still viable