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

To: milesofstyles who wrote (17589)	5/17/2002 12:37:03 AM
From: milesofstyles	Read Replies (3) \| Respond to of 26752

5 month 60min charts if interested, links 1 thru 4 chartwerx.com milesov

To: milesofstyles who wrote (17589)	5/23/2002 2:06:44 AM
From: milesofstyles	Read Replies (1) \| Respond to of 26752

updated commentary for 5.22.02 this is tonights commentary. it is downloadable at the site at this link... chartwerx.com if you wish to follow along with the voice commentary, you'll also require this link for references to intraday charts chartwerx.com update for 5-22-02 after testing the july 98 trendline as resistance while overbought oscillator conditions were present the bank index has put in a doji type candle while testing our first support level in the low 890s. this is a multiple support area where dual trendlines have intersected as well as additional support from the 20movavg. topside breaks remain over the 915 area. a break of this multiple support would be negative and likely lead to at least a test of the 880 level, where we've created a new trendline support. further below additional supports occur in the high 850s. trend indicators have rolled over and this will be their first test of any ability to retain a neutral to positive position. the biotech index has been unable to penetrate the 20 movavgs but continues to stay in near proximity of it. the sept low was lost again . below 380 is the big negative for this index. over 420 is the first positive, while first potential targets remain in the 450 area. histogram rollovers and midpoint failures on trend indicators leave a weak undertone unless 420 can be breached. the dj 65 remains within its range its created for itself. topside improvement comes above the moving average wall and downtrend resistance at the 2975 or better level. downside horizontal in the 2880s remains the first downside support the compq retested our draw line from 3-11 to 4-1 and used it all day intraday as support. intraday1 is our roadmap. its a 60 minute chart. notice the support provided by the downtrend line as illustrated on the daily. this also worked its way down to fill the gap and test a fibonacci support level as today's low. the lost uptrend line there is a negative and must be recovered. on tomorrow's 330pm bar that level will be 1687 approximately. early on 5-28 we have an intersection in the 1700 area that could also play a role. things are likely to get really negative below today's low if taken out so be watchful of it. returning back to the daily we have the next cycle date coming into play. this could be a positive as the last 4 cycle days have been right on the mark for reversals. also notice the close above the daily fibonnaci level as well. similar in technical profile to the bank index, alleviating overbought oscillators, while trend indicators dipped from neutral and positive readings in the previous commentary to mostly neutral, borderline negative settings tonight. around 5-28 the downtrend in thick light blue will intersect the daily .50 fib area at 1745. the dj30 gave up the fib level mentioned at 10233 and raced down to test our first downside target at 10100, while slipping below it intraday today. this area needs to hold. if not by 5-28 the key area to monitor will be the 9961 area. the thick light blue line on our chart intersects the .62 fibonacci level at that time. this is the first adjusted trendline off the september low we've drawn in. technical profiles are consistent with the compq. on the ndx refer to intraday2 for a 60min picture. here again the index found support off a long term downtrend line that remained unadjusted. notice the triple intersection coming in the morning at 1280 area. its important to recover the recent uptrend line, if not the activity would likely remain sideways to down while that line buys time to move out of the way. still somewhat positive from a fibonacci perspective in that we maintain above the .50 fibonacci area of the last move up. downside negatives start below today's low and could get really messy below the 1221 fib level here on the sixty. although not of the same measure on the daily you can see there were additional fib levels on the daily in the 1227-33 area. this creates another potential cluster spread over two different timeframes. similar technical profiles as previous indexes as the ndx struggles to maintain the 20 movavgs. 1335 looks like the important topside number to watch for the next few days. the russell 2000 has yet again slipped. once again it tests our horizontal area at 493 where it closed today. 500 looked like a key area to hold and should now act as resistance, above that 515. mostly negative indicator profile as of tonight. weaker looking than the other indexes currently display. in consideration of the recent activity of the US dollar, this index has the potential to weaken along with it. this would hold true, if under rotational circumstances big caps with overseas activity would be viewed more positively in relation to the dollar as well. this also has the potential to affect advance/decline activity according to writings by john murphy. in consideration of lack of additional supports, a fibonacci set has been added tonight. 483 and 472 are the new supports. the sox 60min chart can be viewed on intraday3. here again we would have liked to see 512 hold from a daily perspective and on the 60min you can see the slew of additional support in the low 500s, from fibonacci levels of the recent bounce to multiple intraday trendline activity. the intersection comes at 1230pm tomorrow at 530 with additional resistances at 540 and key 560. similiar daily technical profile as previously discussed. for the spx, last commentary we noted the importance of the intersection that was to occur today from the downtrend line and the fibonacci support level. tonight we are closed right at that level. thus any additional downside is a negative on that basis. additionally, the loss of the 20movavgs would also occur as a result. the new fork we added last commentary stopped the spx dead in its tracks and becomes the important level to take out near term. similiar daily technical profile. intraday4 contains a 60min chart showing 1075 and 1070 as important levels to maintain while 1096 appears to be the first resistance level to watch. both intersections at the right most part of the chart occur at 230pm on 5-28, looking forward. on the transports 2715 was as low as we would have liked to see and it managed to get there. the activity results in a break back below the trendline it had taken out. 2627-40 remain as the next supports. back over 2765 would help this index, with resistance remaining at that 2813 fib level. last commentary we were looking for supports at 470 and 460 for the broker index. tonight we closed just shy of 470, so not much damage occurring yet on this pullback. profile is relative to other indexes. on a negative perspective the intraday uptrend has been broken and the daily pattern could be one of a bearish nature. loss of 460 will act as a confirmation of such a pattern as of now. some sideways activity could be considered constructive to allow time for the lost uptrend to move higher and out of the way. intraday that level is in the mid 480s tomorrow. milesov