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

To: Johnny Canuck who wrote (39935)	7/18/2003 2:50:25 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69261

Intra-day buy signal generated going into the close on the COMPX as was indicated by yesterday's technicals. The COMPX filled the gap generated on the way up around 1700. It can be seen on the 60 minute chart. Stronger support is at 1684, the break out point of the daily, so the COMPX could still test that level tomorrow at the open. This is especially true given the miss of MSFT and the percentage that MSFT composes of the COMPX. I would not take this intra-day signal though. T2110 broke out of it range. The number of stocks on STD above the 40 day SMA went from 36.86 to 24.83 with ease. The support level at 36 offered almost no resistance. This indicates a high level of market weakness. T2113 about to test the 50 day EMA from below. The reading is still at an extreme overbought level. A break of the 50 day EMA leaves an easy move to the 100 EMA as there is no resistance on the chart. Conclusion: COMPX should bounce tomorrow or Monday. The odd do not favour taking the signal though. Wait for a proper test of 1684. COMPX need to reverse on high volume to confirm the continuation of the up trend.