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Strategies & Market Trends : Dave Gore's Trades That Make Sense -- Ignore unavailable to you. Want to Upgrade?

To: milesofstyles who wrote (8635)	6/30/2002 1:44:04 PM
From: milesofstyles	Respond to of 16631

today's commentary, mp3 download chartwerx.com intraday 1-5 compq, indu, ndx, sox, spx chartwerx.com update for 6-30-02 the bank index put in a possible topping bar at old support illustrated in gray on the daily. the close on this bounce has taken us up to the .62 level of the currently measured area which coincides with the low end channel from the last commentary around 825 now. some knees and rising indicators are in place but may be suspect on a lower range closing bar. 20movavg resistance just above today's high's as well as fibonacci levels and trendline apexing occurring in the 850s. july 5 is the intersection date of the two lines. next topside target would be the low 860s and a very positive reaction should it manage to get there. downside supports remain the low 800s as a fibonacci level and around 786-90 again where the low was set and the gray lines will be. below that 775. the biotech index has attempted a double bottom pattern in the 325 area and that should act as support. below that by 7-5 the purple line should be in alignment with the next fibonacci level around 281. topping type candle at the 20movavgs. should this candle be reversed positively, 362 intraday and 374 are horizontal areas and downtrend resistance will be around 388 on 7-5. in the last commentary we mentioned 2637 as a possible support. the index came within 5 pts of that and the bounce in the dj 65 high today came up just shy of the .50 level on the fibonnaci, last weeks topside target. 2771-83 should be a resistance area we've previously mentioned as a multiple fib area. a break thru that could take us to the next level around 2850. by july 5 the downtrend will move just under the orange horizontal around 2875. to the downside, intraday low to mid 2720s. 2690 as the .62 daily, then the low at 2642 followed by 2577. the compq bounced off the -495 box horizontal and has retraced just shy of the -405 box valued at 1498. accelerated trendlline activity has intersected the box horizontal there as of today. a move over the 1500 level would set up a move to the next box, -360 at 1550-1559 where the last bounce was stopped in conjunction with the trendline at that time, but will now see the 40movavg fall into that area. as we bounced into this time cycle vertical with a weak candle close, hopefully its not signalling another leg down. 1436 and 1375 are the values for box -450 and -495. the 20movavgs will be moving into the -405 box horizontal in a day or two. here again there are currently rising indicators. in looking at the last bounce that occurred, it appears it was for about 120pts as this one is around 110. some divergences off of this most recent low have occurred. intraday there is some support around 1455, below that the fib cluster in the low to mid 1440s lines up with the daily boxes. this would be followed by 1412 as a fib and accelerated downtrend moving into that area by midday on 7-2 acting as support. below that would imply a retest, 1370-75. intraday 1490-1507 seems the key area to take out and the midpoint of that nicely coincides with the daily box at 1498. the dow 30 managed to hang onto the .62 fib on a closing basis and bounced to retest the .50 level at friday's high in the low 9360s. this coincided with the unadjusted trendline resistance on the 60min chart. a break above that would set up a potential move to around 9500 where the 20movavgs and accelerated downtrend line are on the daily, with alot of room above to 9650 next. intraday the low end gray line and down trend line are near in proximity, 9284 recovers the low end line, while the downtrend line moves to 9328 by midday on 7-2. potential intraday supports start around 9194 and drop about 50pts each down to about 9000 b4 testing the local low. an intraday chart is posted. should the local low fail, we'll probably see 8620. the ndx found a support off of a measured fib level on the sixty minute chart. in the last commentary we indicated this level to be 979 and it set the low. this low diverged intraday with the low set on 6-24 which was again set at low end rsi threshold levels.it then bounced back to an old downtrend line indicated in gray, the line originates from 3-11. its quite amazing to see how much activity has been involved with this line over the past 6 weeks starting with the gap in mid may. here again it moved into the low 1070s to correspond with some horizontal activity, which was again iterated in the last commentary. 1055 first then the 1070-75 double top. the next resistance comes at 1085 or so in the form of a fib level and the accelerated purple line on the daily, as well as the sept low horizontal in the same area. the acceleration of the 20movavg appears to be ready to move into that area as well. a move above that , looks like 1112 and 1140. to the downside, the lower end on the daily is about 1012, below that the retest of the recent low at 980. the next fib level comes in at 914 from the daily. we've also took our first stab at establishing a fork for this index. in this, we're no experts so comments are welcome as always. on an indicator basis there still seems to exist some divergence when comparing the levels achieved in early may with the last two lower lows its put in on most indicators. the rsi 14 is one of only a few that dipped lower here than it did on the 6-14 low, but still remains higher than the may low. additionally, the rsi 14 appears to be testing the downtrend of the triangle we've been monitoring on it. the russell 2000 managed to close at its daily accelerated downtrend line here, just above this resistance and friday's highs lie the 20movavgs. a break above could move the index into the low to mid 470s. multiple movavgs litter the 480s. to the downside the 455-58 area is the first support. the unadjusted intraday line we've been watching on the 60min will move in to support the local low in late trading on 7-3. the last commentary's middle target came within 3pts of hitting the low. the sox is hanging on to our last support lines on the daily for dear life. the intraday horizontal around 403 has stopped the advance here so far. in morning trade on 7-3 one of our intraday downtrend lines will move into the 416 area which should coincide with daily 20movavg activity. above that looks like the 440 or 460 area. to the downside, perhaps 375, 365, ahead of the local low at 358. by afternoon trade on 7-2 one of the accelerated 60min lines will move into the 340 area should a new low be put in. 344 is the sept low. from the weekly chart, this close is directly on the line drawn from 10-98 to 9-01 as support. so far, as mentioned in the last commentary, the string of more than 3 days below 30 on rsi has not occurred again, as well as the daily threshold level indicated was not tested. will be interesting to see if it continues to hold true with potential for such an early retest next week. the spx low exceeded our intraday fib level supports prior to the sept low, the ensuing bounce has taken us back up to the 1002 resistance we mentioned in the last commentary as well. a negative candle on the daily candle below the .23 fib level. in morning trade on 7-2 one of our acceleration lines will move into the 1002 area as well. above that 1008 and then low 1020s. to the downside, 986, 971 strong monday morning, 952, and sept low 944. the transports fought off a break below the 2630 level. this area and 2800 look like the range, not much to add. channel targets would indicate 170pt move once outside of the range. the xbd managed a close above the 20movavgs and at our first topside target. the high came close to testing the .50 fib level we have and an old line indicated in gray that moved into the area around 438. above 438 look for 460 area as next resistance. negative activity now comes below 400 as its established a support there. 368 is the next fib area. last week's notes Message 17640687 milesov