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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: milesofstyles who wrote (16693)	5/2/2002 12:19:34 AM
From: milesofstyles	Read Replies (2) \| Respond to of 26752

updated commentary and index charts chartwerx.com update for may 1, 2002 banking index support held at the 200 exponential moving average, stopped short of our downside target of 850 but was relatively close. some improvement to what was mentioned as weakening trend following indicators. still not out of the woods, but has managed to maintain the low end of the channel its been trading in. topside break would be greater than 897. here we're retesting the 20 period moving averages. the low end of the r s i 14 managed to maintain its bullish threshold on this turn, will need to punch through the 20 averages to continue to rebuild. the biotech index found support at the 412 area we mentioned in our last update. a strong reversal bar ensued with little follow through today however. again the 450 to 455 area should be the first resistance level on an further upside. if it could manage 460 that would inicate a potential to the next upside resistance in the upper 470s. some potential indicator turns starting to take place, as well as some divergence in the m a c d. the dow jones 65 breached our first downside area just slightly but has yet to test the next support in the 2850 area. moving averages are cascading downward and could exert pressure against upside recovery. again we're trading below support. over the next week that uptrend and downtrend will apex in the 2993 area around may 6. more attempts at indicator turns here. watching the moving average sweep and trendlines for upside recovery as to how the index responds. no changes to our comp q assessment. fighting to maintain lowest end thresholds on an indicator basis. managing to stay about the fibonacci level of 1659. again 1742 will be a key area on any topside move. indicator levels still remain in oversold conditions. on a sixty minute basis, the february low just under 1700 has acted as resistance at this time. the index however after rapid morning selling managed to create a double bottom type form around 1641. we have yet to retest the topside of that, again at roughly 1697. the dow jones industrials had a 250 point range today, just incredible. index stopped short of the next fibonacci level most recently discussed at 9769. still looking for 10100 as upside improvement to this index. the downtrend break is actually closer to 10118 and there will still be some moving average resistances throughout the 10175 area. lower threshold areas have held thus far. the ndx has met and held our next fibonacci level mentioned at 1227 thus far. we'll reiterate the resistance in the 1320 area and fibonacci 1335 level. the 20 period moving average is now moving down into that area to further complicate things. still remain oversold here. our trend following thresholds have managed to hold at this point. as mentioned in the last update, we hit our downside target on the russell 2000 and we were looking for a potential for a recovery at 510, we've hit that level tonight. any move higher will likely allow for a retest of the local high and topside line resistance that has been functioning as what we've been calling an expanded wedge. the sox briefly violated our 499 downside area and has managed to hold our horizontal supports as of tonight. 540 is the first resistance as noted prior, as well as moving average sweeps in the 560 area. the spx stopped a few points shy of our 1057 fib level. has now bounced back up into the first upside resistance also in the form of a fibonacci area at 1086. further ahead watching 1103 to about 1110, as falling moving averages and the down trend line come into play. the transports have twice held our downside levels, we're looking at some higher lows trying to take effect on a couple of r s i indicators. resistances are 2767, 2787, and a move over 2816 would seem quite bullish. the broker index continues to try to hold the horizontal area represented on the daily chart, series of overheads range 475 to 490 currently. 448 is the lowest end support. milesov