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Just looking at the INDU, price has to penetrate 10,350 to put a temporary
halt to this down move. If it can't get through 10,350 then the downside
targets would be 10,000 even and then 9850. If it gets through 10,350
the high probability move would be to 10,600. At this point there should
be some resistance and at that time the calcs can be made for the next leg. Up
or down.
Just one mans opinion. Ira.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
EarlA
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 25, 2004 8:07
AM
Subject: Re: [RT] SP 3-24-04 Bullish
Divergence?
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
>
----- 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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