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

To: coferspeculator who wrote (175)	7/19/2004 5:05:20 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Today the market had an intra-day failure to the downside and went on to close in the middle of a smaller spread on decreased volume, finishing the day in a neutral position. The intra-day failure was the result of the meeting of supply. Speculative demand met supply during the afternoon but there was continued downside pressure from investors. Today's intra-day failure was a result of short covering. As mentioned over the week-end the type of pressure will indicate when a bottom will be put in. There was nothing in today's action that indicated that the pressure or force from the more important investor group returned to the market. When all the required elements needed for a bottom to be put into place are evident then covering current short positions should be considered. The tests of those elements will provide the answers as to what type (short or long) of new positions should be considered. The Nasdaq did touch the numbers indicated over the weekend and all the targets that were mentioned remain in place. A rally from the current levels, unless it is on much greater spread, volume and closes near it's highs, will suggest that the targets for the weakest area of the market will be the first to hit the downside targets.