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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: Fiscally Conservative who wrote (4125)	8/14/2002 9:56:54 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 206713

FinallyThere....[with'a ways to go]... Since the high in May the SPX and INDU show a long upper trendline and a short steep rising lower trendline presenting a simple wedge or triangle.... "M" or double top has a rising second shoulder which to me is bullish. On the 9th-12th-13th the market closed lower gaps and then followed through with the expected Greenspan sell. This morning we have'a gap up, which is being bought. In the last 3 days there's been a peak, an inside day and an outside day down..... these summer markets are controlled by the pro's.... and with the absence of the public the pro's will always work it both ways. They also sold Bush/Chaney conferences, and will buy any solid positive news. Finally, a daily Time Projection Window due Fri for the SPX and Monday for INDU Combined with this triangle... the chart watchers should find some direction. I expect this formation to be resolved with higher prices and a break of the "M" highs. Pitchforks are looking at SPX 1000 and DJIA 9500....