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Strategies & Market Trends : Timing the Trade the Wyckoff Way -- Ignore unavailable to you. Want to Upgrade?

To: coferspeculator who wrote (124)	6/8/2004 4:43:30 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Today the market had an intra-day failure to the downside and ended the day at the highs with a decreased spread on reduced volume, finishing the day in a nearly overbought condition. Today's failure to the downside was a result of demand meeting limited supply. The market has broken through the supply line off the highs of the year and today bounced off that line as supply failed to take control and move prices below the line. The next objective to the upside is the resistance area from the late March and April period. While it might be expected that supply would meet demand in this area the lack of any supply for the past several weeks indicates that the possibility of a move through this area could be expected in the coming weeks. Speculative pressure continues to move with the market to the upside which provides the proper harmony that the bullish case requires.