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To: Les H who wrote (3417)	10/29/2002 11:06:37 PM
From: Return to Sender	Read Replies (1) \| Respond to of 29592

TOP COMPLETED? By Harry Boxer, The Technical Trader (www.thetechtrader.com) thetechtrader.com We had three distinct trends today. We had a sharp drop this morning that took out yesterday afternoon’s lows on the Nasdaq 100 and the S&P 500. We got down to secondary support, at which point we went into a 4-hour sideways pattern on both indices. We rolled over with about an hour and a half to go, took out the lows just slightly, but when there was no downside follow-through on the Nasdaq 100 in particular, the market then turned around rallied sharply for the last 90 minutes or so with a late consolidation up at the highs near the close. Net on the day the market was mixed. The Dow managed to be up less than a point, but some 170 points off the low! The S&P 500 closed 15 points off the low, but down 8 on the day. The Nasdaq Composite closed 21 points off the low , down 15 on the day, and the Nasdaq 100, about 19 points off the low, making back about half of its losses. The SOX Index was down another 3 ½%, but that was some 11 points off the low and made up half of its losses there as well. A review of the technicals showed 18 to 13 negative advance-declines on New York, 17 to 14 on Nasdaq. Up/down volume was much worse, more than 2 to 1 negative on New York with total volume about 1.4 billion. On Nasdaq the up/down volume was 3 ½ to 1 negative, with 1.15 billion down and 360 million up. A review of my personal board showed a mixed ,but there were several stocks down as much as a point. Emulex down 1.10, Qualcomm 1.70, and Veritas 1.07 led the way on the downside. eBay up 59 cents and QLogic up 51 cents were the larger gainers on my board today. Reviewing the overall hourly chart patterns, today was significant in that we not only broke down through the rising trend-line of the last two weeks on the NDX ,but we broke the 21- and 40-day moving averages and two levels of minor price support before the late rally. The late rally was snapping back towards the moving averages which appear to be crossing over, so that level around 970 is going to be resistance tomorrow morning. The S&P 500 also broke its trading range, got down through price support, reaching secondary support and holding there and then rallying back to the moving averages before backing off again late in the day. So we have potential topping patterns here, but we’ll have to see if the market follows through to the downside tomorrow or whether it’s able to consolidate, stabilize and move back over resistance. At this point it now it looks like we may have completed an important top and that would be verified by a take-out of today’s lows, if that occurs over the next day or two. Good trading! Harry Harry Boxer is an award-winning, widely syndicated technical analyst and author of The Technical Trader (www.thetechtrader.com), which features a real-time diary of Harry's minute-by-minute trades and market insights, plus annotated technical charts & stock picks, based on Harry's 30 years experience as a Wall Street technical analyst. Chart of the NDX stockcharts.com[h,a]daclyyay[pb50,200!d20,2!c20!c10][vc60][iUb14!Uk14!La12,26,9!Ld20]&pref=G