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If NASDAQ can hold its 10:1 up:down volume,
today could be a 2% up day which would be a very bullish combination. So far,
S&P is the party pooper.
Earl
<BLOCKQUOTE
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----- Original Message -----
<DIV
>From:
EarlA
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 25, 2004 7:09
AM
Subject: Re: [RT] SP 3-24-04 Bullish
Divergence?
The market is tightly wound, so a lot of
energy has been stored. With the bullish divergences, the direction should be
strongly up and this morning is proximate to the upper end of the rectangle.
The best indication of the market's health will be the quality of any upside
breakout. NQ's traded better than the ES yesterday and I would expect that to
continue for a bit. The SP COT commercials moved to slightly bullish last week
and the ND commercials moved to strongly bullish which is what they did just
prior to the 2000 top. The scenario which would really cause some pain would
be a sharp rally to the outstanding SPX 1073 range (triple top into March
2002) followed by a major drop however I am not betting that we get to a
marginal new high. Any good rally here should be a gift to the
shorts.
Earl
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