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

To: Jerry Olson who wrote (16555)	8/23/2001 4:53:22 PM
From: donald sew	Read Replies (3) \| Respond to of 52237

AUG 23 INDEX UPDATE ------------------------ Short-term technical readings: DOW - lower midrange SPX - lower midrange OEX - lower midrange NAZ - lower midrange/borderline oversold NDX - lower midrange SOX - midrange VIX - midrange NAZ NET NEW HIGHs-LOWs = negative 49 5 DAY TRIN - 7.04 Per my short-term technicals the overall market is in the lower midrange. Although the overall market was down today, the indicies are still above yesterday's lows. As mentioned previously, I believe the short-term bottom was set yesterday with the CLASS 1 BUY's on the NAZ/NDX. Again, Im not looking for a strong rally, probably just some oscillations with a slight incline into/thru the END-of-MONTH RALLY timeframe. Lets remember the break in the BEARISH RISING WEDGE on the NAZ NET NEW HIGHs-LOWs. That doesnt mean that the market goes straight down, since this indicator can lead the market by weeks and even months: stockcharts.com Unless it can rebound significant and negate that downside break in the WEDGE - this negativity ain't over yet. In light of this DOWNSIDE BREAK in the NAZ HI-LOs, Im suspecting that after the END-of-MONTH RALLY, the selling could intensify. We also have the US DOLLAR to watch. Its still in the consolidation mode, but now starting to look like a RECTANGLE, which would imply a downside break.