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

To: coferspeculator who wrote (152)	6/24/2004 5:10:37 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Today the market had an intra-day failure to the upside and closed near it's lows with decreased spread on sustained volume, ending the day in a NEUTRAL condition. The intra-day failure is seen as the result of supply meeting demand. Today's action offers the possibility of an upthrust. The neutral condition offers the bulls some assurance that an upthrust is unlikely. The position of the market and the character of today's action doesn't dismiss the upthrust possibility. Upthrusts are confirmed by the manner of the subsequent action, the most frequent situations being the following. If this is an upthrust then wide spread with closes near the bottom provides the first evidence that an upthrust exists. If there is low volume and wide spread that indicates a lack of demand at a time when demand should be good. If there is wide spread and high volume to the downside then that indicates that supply is overcoming demand. If demand meets supply in a prompt manner, not allowing it to re-enter the trading range or to do so with a minimal penetration, that will be positive for the bullish case. If the spread widens to the upside on increased volume that will be very bullish. The action in the coming days should resolve this conflict.