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Strategies & Market Trends : Technical Analysis - Beginners -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (11438)	2/7/2001 11:49:07 AM
From: Michael Watkins	Respond to of 12039

well the futures on a 45 minute chart remain in a downswing, so until that changes, it is pointed down. It could possibly pass a test of the fairly recent lows in that time frame, but I think it may be too far gone now to hold. Would have to reverse big time right now in order to do so. Even still, if it does I'll close my shorts but not neccessarily go long.

To: Chris who wrote (11438)	2/7/2001 2:16:11 PM
From: Trader X	Respond to of 12039

Chris, a head/shoulders pattern. On WAVX chart, today is marking (perhaps) a right shoulder on the formation. thought you might be interested. thoughts? I've noticed that new uptrend channels often begin back at the left shoulder of a reversal, as I've marked up here. home.austin.rr.com

To: Chris who wrote (11438)	2/7/2001 6:07:48 PM
From: TechTrader42	Read Replies (1) \| Respond to of 12039

The candlesticks are interesting. The lower shadow in the Nasdaq's daily chart just about touched the lower Bollinger band. QQQ broke down through the lower band. Shorter-term, MACD would seem to indicate that the Naz could reverse back up soon. But longer term, it still looks questionable. The trend with 13/34/89 is down. Maybe buyers will rush in now, and then there will be more bad news to follow the CSCO report. Today's low for QQQ was no doubt tempting for some. But is it headed for the 56s, and maybe even the 53s. That's the question. The Dow looks questionable in both time frames.