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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (8388)	9/26/2002 8:06:50 PM
From: ajtj99	Read Replies (3) \| Respond to of 30712

Wow, looking at the Dow daily tonight, I think this month might be the one month the Dow trick doesn't work: stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li5,5!lh10,10!lp14,3,3!ll14][j6733354,y]&listNum=1 Dow was stopped at 8000 today as well as by a major falling resistance line. That line is going to be tough to get over tomorrow, as programs may be selling it. The downtrend off the 9-11 high was surpassed at the very end of the day. Ideally, the price action needs to stay above that in order to maintain a bullish stance instead of a head-fake. The 13-EMA is currently at 8094 and falling, and the 20-EMA is at 8209. There is strong resistance in the 8200 range. The 13-EMA might be at 8000 by Monday, and maybe that's a double top and nice round number that the boys could shoot for. The thing is, this month it is a much trickier proposition than it has been in a while. No sure thing. Here's the 60-minute Dow showing a rising wedge breaking this AM, but the price action rising up after the flag broke up: stockcharts.com[h,a]eaclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14][J7227446,Y]&listNum=1 Dow got 60-minute slow stoch anti-venom, which is a plus. Rising support is around 7940 or so, and the price action rebounded off the 13-EMA and 20-EMA's on the 60-minute today. If those are breached, the next support would be the middle BB at around 7840 and then the pivot area around 7750. FWIW, 2000 and 2001 the Dow did the end of month ramp scenario as previously described, so it's a pretty high percentage play. However, it looks pretty scary right now to me, so I'm stepping aside from that play for this month.