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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (38565)	12/13/2002 1:39:26 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69924

madtrader] Fri Dec 13, 10:08am PST market Well, this is going to be very interesting. Bulls are getting nervous, and so are the bears! The more we do this meandering, water torture, the more likely someone will flinch. All I can say is that I expect an exlosion coming. While the tape is sandwiched between 200 DMA resistance and 50 DMA support (and a flat 20 DMA line), it will have to decide sooner or later. Yesterday I was suggesting that a breakout of the week long range should give us some direction. Well, the pattern broke this morning, and we are still undecided. Looking at intraday charts, we can clearly see the small uptrend from Monday's lows got broken. Yet the market is bumping up from this morning's lows to meet up with this broken trendline. This should be a kiss of death. However, if such as clear bearish pattern does not work out to the downside, then it is time for the bears to be worried. In technical terms, if a bear pattern doesn't work as advertised, it is then it is clearly invalidated. Or double negative makes it a positive.