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

To: Petrol who wrote (16974)	5/9/2002 7:36:21 PM
From: Susan G	Read Replies (2) \| Respond to of 26752

Some charts... Updated chart of COMPX at descending triangle resistance, the big picture mywebpages.comcast.net Closeup of this COMPX resistance mywebpages.comcast.net NDX, the big picture mywebpages.comcast.net Closeup of NDX at that descending triangle resistance - it's still lagging behind the COMPX in attempting to test this area. It can't get over its 20 EMA, neither has the COMPX. 20 EMA resistance is pretty strong on the daily chart, and yesterday's rally pierced but could not break them. mywebpages.comcast.net SOX - on the 15 minute chart, the index stopped .05 pts from breaking the support line in a new descending triangle that started forming today. It closed on it, and also closed on the 200 MA which started to roll over along with all the other EMAs with the lower high this afternoon. You can see on this chart what happens when emas cross over each other to the downside, it happened twice today on the 15 min chart. If this support line of 503.72 breaks tomorrow, it will probably go down to test gap support. Hopefully that holds. If not, back to the bottom of the gap right above 480. mywebpages.comcast.net SOX - On the 5 minute, you can see how there is a bearish descending triangle on the 5 min, within the larger descending triangle on the 15 minute. On this time frame, the 200 MA was broken at the close with a very bearish candle pattern after a waterfall move down from a double top which failed to break back over the 20 EMA resistance. For all you lurkers who wonder what the hell I'm talking about when I post about bearish evening doji star patterns, there is a perfect example on this chart, which called THE top for the day. Rarely does this pattern fail, they become tough short term resistance. And right after 12 pm, there is a perfect example of a bullish morning doji star reversal to the upside - which started the run to 2 pm. Those are pretty consistent as far as calling a short term reversal. Unfortunately, the rally failed, a new bearish descending triangle was created and it closed at the lows, right where that reversal happened. But as far as good examples of this candle pattern, bullish and bearish, these are excellent examples and you can sure see the results! mywebpages.comcast.net We need a move up tomorrow, and through the trendline resistance of 1697-1700 on the COMPX at least in the next few days- (the NDX too but that's going to take longer) and an immediate reversal in the SOX tomorrow (!) or yesterday's rally could be another in a series of wicked bear rallies that failed.