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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: RR who wrote (50464)	4/24/2002 8:20:12 PM
From: stockman_scott	Respond to of 65232

IMPORTANT SUPPORT VIOLATED! By Harry Boxer, The Technical Trader The ugly decline we’ve been experiencing for the last 5-6 days continued with a vengeance today. Shortly after the indices gapped up at opening they reached a level that was the high for the day and that was reached four times during the morning part of the trading session, but in the afternoon it started falling and cascaded down in a stair-step fashion for the rest of the day. It was a very orderly sell-off but it started to accelerate towards the last hour or so, and –- in what sounds like a broken record -- the indices closed near the lows for the day again. The Nasdaq 100 closed right near 1300, breaking its important triple-bottom support area near 1320 and the S&P 500 broke important double-bottom at around 1100 and now appears headed towards a spike low somewhere in the 1075-80 zone which is the next apparent support zone on the charts. The Nasdaq 100 now will very likely be below 1300 tomorrow. My nxet target was around the 1275-80 zone and you may possibly see that in the morning. Net-net today the Dow fell 15 to 10030 -- and that’s below an important 10050 support level. The S&P 500 closed at 1093, down nearly 8, and Nasdaq 100 was down 20, about 1.5%, to 1302, and the SOX index got hammered today for another 4% down nearly 21. Advance-declines on New York were only marginally net lower. There were only 16-15 decliners over advancers. Up/down volume was 8-5 negative, but Nasdaq was worse as it has been lately, with less than 1600 up and nearly 2000 down. The Nasdaq up/down volume was about 3-2 negative as well. So we’re not seeing climactic behavior or big negative ticks yet. The market’s just continuing to cascade downward in a fairly orderly fashion and that’s making it harder to get any decent oversold set-up for a solid rally. Perhaps we’ll see that over the next day or two, but right now we’re extremely vulnerable to additional downside. Good trading! Harry www.thetechtrader.com