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

To: JRI who wrote (16960)	8/28/2001 12:18:51 PM
From: Chris	Respond to of 52237

i paste the text (but the charts are revealing) This week's economic calendar brings a slew of data, including the Conference Board Consumer Confidence numbers for August, the revised Gross Domestic Product for the Second-Quarter, Personal Income and Personal Spending for July, and University Of Michigan Consumer Sentiment for August. There is considerable anxiety about these numbers as market strategists watch for additional deterioration in the economy. This comes at a time when the indices have bounced to resistance areas overhead. NASDAQ 100 Index After a three-day bounce, the NDX is now testing resistance from two points overhead. The first are the old lows from July and August. We are watching to see if support that was broken in the 1600 on the way down will now provide resistance on the bounce. Also, the 20-day EMA is in this same area. If the NDX is still in a downtrend, we would expect sellers to materialize in this area shortly. If they are unable to sell it down, we would expect a quick move up on short-covering to test the 1670 area where the 50-day MA and the top edge of the wedge are located. S&P 500 Cash Index After bouncing off a test of the low end of the nearly two-month trading range, the SPX has now reached the first target to the upside, the 20-day EMA. At this point, we will see if it will be able to thrust up to reach the next target to the upside at around 1200. Dow Industrials Also bouncing after a test of the low end of the trading range, the INDU has now reached the first target to the upside as well. We note that the 20-day EMA and the 50-day MA are right here in the 10400 area, in the middle of the trading range.