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Strategies & Market Trends : MP - Market Pulse -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (991)	7/31/2001 12:42:15 PM
From: Bull RidaH	Read Replies (2) \| Respond to of 1328

LG, I'll go out on a limb with you and declare that the market is a SELL right here. * The symetrical triangle which formed off the 7/27 lows in the SPX has now broken to the upside this a.m., creating a classic "Bull Trap". The SPX 1219-1220 target of that triangle has been met and is holding. Wave counts say the 5 wave move off last Tuesday's low is now complete. Don Sew has class 1 Sells nearly across the board. Trin5 is currently under 4 if you take today's realtime reading as the 5th day. Today is a +2 ion day, so rationality should set in by the end of the day and dictate s-t market direction. Ticks are not confirming SPX highs since 10:20am, so a negative divergence will be locked in with a move back under 1220.29, which should force markets lower over the s-t if it comes. Major 36 day sell cycle is due tomorrow, which should add oomph to any selling underway. *Big picture wave counts still require a move below 1151 before any sustainable rally occurs. Regards, David