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

To: UnBelievable who wrote (17582)	10/23/2001 8:58:10 AM
From: AllansAlias	Read Replies (3) \| Respond to of 209892

The 50dma actually worries me. This seems counterintuitive I know, but when it makes a second run, it's usually good for a decent push. The NASDAQ would even be more bullish if it overtakes the 50dma today, as it failed miserably the last time and is now looking to reverse that failure. There is downtrend resistance as well on many of the charts. For example, for the SPX we have both the 50dma and the DT line out of early August sitting between 1100 and 1110. I will not hesitate to lift my remaining shorts if this does not turn today. If there is a loss that one can like, it's the one that's taken early. Besides, being able to hedge things with the futures and my good entry on the final 1/2 of the shorts (the gap and crap morning) means it's been a wash for me if it powers up from here.