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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (36844)	4/26/2002 12:52:48 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 68200

Market commentary <Edit> CSCO and INTC testing Feb lows. ORCL and MSFT have broken the Feb lows. AMAT still remains in an up trend. SOX EMA's converging and looked trapped in a range. Technically still in an up trend. COMPX testing the Feb lows and is technically in a down trend. The 50 EMA is below the 100 EMA which is below the 200 EMA. Index is pretty close to critical 1640 area. It would be better if we just got it over with and tested the support level. It is possible as the EPC remains only mildly oversold. Today the consecutive down day trend was broke because of the flat close. This is a spinning top formation though so represents indecision in the market. We will probably get a reactionary bounce at this level. I don't expect it to last long though. SP500 in a technical down trend. It is a few points away from a test the Feb low at 1075. DJ30 is technically trendless with a upside bias. Technically the up trend has not been broken. The EMA's are now flat and within a very tight range. It could go either way. What does this all mean? It looks like no one can make up their mind. The summer doldrums coming up will not help.