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

To: coferspeculator who wrote (150)	6/23/2004 4:27:57 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Today the market had an intra-day failure to the downside and finished at it's highs on an increased spread with greater volume, ending the day in a NEUTRAL condition. The intra-day failure was a result of demand meeting limited supply. The "should" question of yesterday was answered immediately today. The market closed solidly above it's highs of the trading range. The increased spread and high volume offers the prospect that the move to the next resistance levels from this past spring are the next obstacle that needs to be overcome. Today was a big day for the bulls due to the promptness of a move that in the past several weeks just wouldn't materialize. With the market still in a NEUTRAL condition the likelihood of the establishment of a new demand line and an attempt to penetrate the next resistance levels seems good. Before an attempt can be considered for the old highs it appears that more cause will need to develop. The appropriate reaction could provide for this in the coming weeks.