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Some of today's move was short covering
tomorrow is the key,
if we follow in an up move then the bear is dead until 4/2-4/3
Ben
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>
----- Original Message -----
<DIV
>From:
mr.ira
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, March 25, 2004 6:29
PM
Subject: Re: [RT] SP 3-24-04 Bullish
Divergence?
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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