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

To: coferspeculator who wrote (189)	8/2/2004 7:47:09 PM
From: coferspeculator	Respond to of 14340

Today the market experienced an intra-day failure to the downside and went on to close near it's highs on an increased spread with lower volume, ending the day in a nearly overbought condition. Today's failure was the result of the removal of supply. With limited supply offered early in the day, demand was able to push the market up towards the highs on limited pressure. The character of the today's action found little supply being offered. The action in the coming days will determine if the supply of last week was absorbed. If so, then higher prices are likely. It is likely, however, that a test of the lows will occur since the market has moved into a nearly overbought condition.