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

To: SpecialK who wrote (20870)	10/5/2001 7:57:54 AM
From: Paul Shread	Respond to of 52237

I don't think the S&P stands a chance of breaking out of that rising wedge. We have four daily touches on that line, and there was heavy distribution going on there yesterday. The S&P needs to gain about 25 points today just to get back to the top of that wedge. Rising resistance is very hard to exhaust. Yes, the Dow broke out of its rising wedge - but it's still forming a rising wedge. When it negated one in mid-April, there was no doubt about it; it was a powerful move on double average volume that went high enough to form parallel trend lines. stockcharts.com[l,a]daclyymy[d20010401,20010430][pb50!b200!b20][vc60] The Dow this time has come nowhere near to the volume it hit on the way down: stockcharts.com[l,a]daclyymy[d20010826,20011004][pb50!b200!b20][vc60] I don't know PnF, unfortunately, but the big caps still looks sick to me.