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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (2368)	5/10/2001 4:19:51 PM
From: d j chen	Read Replies (1) \| Respond to of 209892

Alan, I am a novice of TA, but we may have entered a down trend: stockcharts.com[h,a]daclyymy[pb50!b200!c20!d20,2][vc60][iUd20!Ub14!Ll14!Le12,26,9!La12,26,9!Lh14,3] On 5/2, NDX made a new high, but rsi and cci did not. Also on 5/2 both the +DI and -DI diverges from price action. The +-DI further re-enforce the divergence on 5/8. Today they are almost crossing each other, confirming the start of down trend. Am I totally out of line? Alan and others, I appreciated all your analysis. DJ

To: AllansAlias who wrote (2368)	5/10/2001 6:21:57 PM
From: The Freep	Respond to of 209892

Ya, Allan, the XMI was green today, the Dow, too, and last I looked so was the Wilshire total market index. But the Naz was solidly red, the SOX closed basically flat. . . these are some nasty candles. A couple people have mentioned the rising wedges on the Dow, OEX, and maybe even the S+P. I wonder. . . can they stay in those wedges until, oh, 2:00 EDT Tuesday the 15th? Then, based on FOMC action, they can break either up or down, depending what he does. Personally, I think a half point is priced in, though I don't know that we have to sell off on it the way we did at the last two regular meeting cuts. But, since rising wedges do tend to break downwards, and the IF a rate cut is priced in. . . and if there's reason to think the easing cycle is ending. . . It's all a guess, but since I'm keeping an eye on those wedges, it seems like as good an inflection point as any. the freep