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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: J_K who wrote (67586)	2/28/2003 10:00:55 AM
From: GrillSgt	Respond to of 209892

Today appears to be day 2 of the current cycle and with the naz futures currently gapping above yesterday's highs, it appears we have a perfect setup for an outside reversal day lower close which would fit nicely into the beginnings of a down cycle. There will be levels I will watch to verify this. ES I would not expec this to get much above 846 if we are to put in a reversal. We could see a jam job to 851, but it must be sold quickly. Therefore a break back below 841 and 835 should spark the sell off. I will be looking for targets down to 829, 825 and 820. A bounce at 830 area may give pause as they try and rescue it. Look for internals to reverse too. A break of 852 up and we are heading into another up cycle. Keep in mind the EOM window dressing. NQ 1003 was the spot. This has been big time resistance and we are gapping above or close to it. I would not expect 1014 or 1021 to be violated before reversing. Downward targets are 993 and 986. A break of 986 will confirm the reversal back down with 971 first support. 962 and 952 are extended targets for unwinding. Dow Once again this is a mess. Trading back below 7865 should verify the reversal, but expect choppy movement. Only a break below 7800 will put the bears in full control. A move back above 7925 and we head for 8k. Question is: Can they paint the tape today to make Feb look salvagable? Or are they going to sell all the losers (majority of stocks) and buy the winners (oil and oil service)? We shall see. Get ready to sell