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Forgot to mention the sp had a follow-through day yesterday on the 6th day
after the recent swing low - also a confirmation of a bottom. A similar
thing happened last October.
Both markets gave off buy signals. Over the past few days the SP has been
playing catchup as the nasdaq took a breather. But overall it has much
higher relative strength so that's where I focus.
This is very specific stuff with measurable statistics, not that it couldn't
be refined further. But it does eliminate the need to think about other more
subjective issues. Unless you enjoy uncertainty and confusion!
fwiw,
phil
p.s. with yesterday's setup in the Nasdaq about 1/2 the time they will never
look back but other times they will spend several days filling in the "tail"
of the signal day, i.e. retesting the low before going up - this wouldn't be
out of line with Earl's model - and once in a while the market will make a
lower low!
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <patterntrader@xxxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, March 17, 2000 7:38 AM
Subject: Re: [RT] Re: markets/outlook for 5-10 days
> In a message dated 3/17/00 7:30:11 AM Pacific Standard Time,
> patterntrader@xxxxxxxxxx writes:
>
> << there was a reversal off a multi-day low yesterday in the Nasdaq - on
an
> INCREASE in volume. >>
>
> Phil...I know that,..but the focus of my question is the Dow-30 and
> S&P500,...which have been out of sych with NASDAQ past week.
> Again,..the question is for the Dow and S&P500,...why would
> yesterday's short covering inspired rally imply additional upside ....
> as opposed to being a B Wave rally,..with further downside possible?
>
> Thanks...JIM
>
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