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

To: Monty Lenard who wrote (34689)	4/23/2002 4:33:21 PM
From: TechTrader42	Read Replies (1) \| Respond to of 52237

Monty: I'd be interested to hear your thoughts on the Naz comp. It's broken under that lower support level of 1724, just by a hair. Sometimes, when support is penetrated like that, there's a short bounce followed by more trouble. The next support level might be around 1696. After that, there's 1646 (clearer on weekly chart). And then there's the Sept. low, under 1400. I have no idea whether that'll be retested. Look at MACD in the weekly Naz chart. If anything, it's overbought. As I've said, my sentiment indicator for the Naz has been up in the 90s in the short term today. That was very curious, seeing as the Naz was near support. It ended the day at 66 (not quite overbought anymore). The longer-term Naz CI is at 78, which is overbought. The CI's do allow for the possibility of a bounce in the short term, but the longer-term trend remains down.