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

To: coferspeculator who wrote (188)	7/29/2004 4:27:11 PM
From: coferspeculator	Read Replies (1) \| Respond to of 14340

Today the market had an intra-day failure to the downside as the market tried to go up, tried to go down and finished near the middle of a smaller spread on sustained volume. Today's intra-day failure was the result of the meeting of supply. The market finished the day in a nearly overbought condition. Again the investor group entered the market as the intra-day move to the bottom of the range occurred. The subsequent pressure to the upside took the market back nearly to it's day's highs before that demand was withdrawn late in the day. The market is now attempting to break the supply line that frames the intermediate term downtrend that was put in place in the February-April period. It is expected that this position and the nearly overbought condition will provide some resistance to the current rally. The character of the action in the coming days will offer some idea as to whether the current rally will have legs to it.