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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Paul Shread who wrote (46655)	8/15/2003 1:39:34 PM
From: Compadre	Read Replies (1) \| Respond to of 52237

Paul, The SPX could be called a rectangle also. It depends on what time frame you look at.

To: Paul Shread who wrote (46655)	8/15/2003 3:59:15 PM
From: Michael Watkins	Respond to of 52237

I guess whatever the pattern, there won't be any disagreement from traders that the SPX is jammed up in the range. After all, we need to keep in mind that the bounds of the range have already seen minor tests once before, with marginal new highs and lows made at either end of the range. trendvue.com If things sell off on Monday and Tuesday we'll see that last upswing (which for all we know will continue) morph into a downswing -- this of course would be recognized as a swing with a lower high and low on the daily charts and we'd probably see selling pick up. Conversely if price moves up, the previous swing high is so close, its easy to imagine a run for > 1004. I think the balance point is about to tip. While I've made no position bets here, I rather expect that the balance of risk is weighted towards down. trendvue.com I say this partly because on the weekly chart price remains in a downswing. However it will not take very much upward movement to change that. So for me, no overnight position bets tied to the SPX. And besides while the S&P has been stalling there has been plenty of movement in bonds to keep me occupied.