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

To: Susan G who wrote (18079)	5/22/2002 12:42:12 AM
From: Susan G	Respond to of 26752

KEY SHORT-TERM TECHNICALS VIOLATED By Harry Boxer, The Technical Trader (www.thetechtrader.com) It was another day similar to what we had the last few days where the market had a nasty early morning slide, went sideways for most of the day, dipped in the afternoon and firmed towards the end. Very similar action, only prices are trending to the downside. We slipped today below key short-term support and, as a result, the entire pattern is in jeopardy and unless they stop the bleeding right here we may see further re-testing of lower levels. What happened today was that once support was broken the market headed south to try to fill the big gap that occurred about a week ago .The gap was nearly entirely filled today and the market closed near the lows for the day. Overall, the technicals were very negative with 1140 up and 2030 down on New York. Up/down volume was more than 2-1 negative. On Nasdaq there were about 1000 more stocks down than up, with 1261 up and 2256 down. Advance/decline volume was 5 ½-1 negative, with total volume of 1.6 billion. New York Stock Exchange volume was about 1.2 billion. So the market continues its retracement of the recent run-up, and unfortunately they violated what I would say are some key short-term technicals with the Nasdaq 100 breaking the 1280-85 support zone and the S&P 500 breaking the 1086-90 zone. With the market and indices closing at the low end of the range for the day, it doesn’t auger well for the next few days, although the trend lines were severely tested at the end of the day and if we can hold them right here we still start a recovery rally. But right now because of the break in the support levels and the hourly moving averages, we may be coming down further and retesting some of the previous lows over the next few days. There was one group today, however, that did very well, the security stocks, with all the foreign tensions going on, particularly in India-Pakistan and rumors of new terrorism potential. Invision, for example, was up 3 ½, and OSI Systems was up 1.40 on big volume. Others positive movers included Qualcomm up nearly ¾, OVTI up 42 cents, and Juniper up 20 cents. Those were the only gainers today on my personal board. There were a lot of losers today, led by Nvidia down 3, Mercury Interactive down 2 1/2, Broadcom down 2 and Veritas 2 1/2. We’ll have to see if the market can stabilize down here and attempt a move back up, but today was what I would consider a very disappointing day from a technical standpoint. The fact that the market has broken key short-term support suggests it will be needing to test some lower levels before we can recover. If by chance the market rallies from the get-go tomorrow morning, then we will have held at the current up trend lines on the Nasdaq 100 and on the S&P 500. But it’s looking pretty tenuous at this point, and tomorrow should be a pretty critical day for the market short-term. Good trading! Harry

To: Susan G who wrote (18079)	5/22/2002 12:52:01 AM
From: janski	Read Replies (1) \| Respond to of 26752

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