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

To: coferspeculator who wrote (170)	7/12/2004 5:01:11 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Today the market had an intra-day failure to the downside with a larger spread on sustained volume and finished near it's highs in a neutral condition. Today's intra-day failure was the result of the meeting of demand. The markets attempt to penetrate into the lower half of the spread mentioned over the weekend was rejected as some demand met supply. The factors mentioned over the weekend suggested a rally and today's result was expected. Since the market has been in an oversold or nearly oversold condition and today's action indicates that the pressure to the downside is lessening, a continued rally is expected. With the market now in a neutral condition that rally shouldn't progress very far, however. The best bullish case would offer a rally and a subsequent test of the lows of today occurring with reduced spreads and low volume. The bearish case suggests a rally on lower volume and the resumption of downside progress on higher volume and increasing spreads. The actions over the coming weeks should provide insight as to which of these two is likely.