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Hello
I still expect Monday the sp to go cash as high as
912.67
if we close with more up vol than down volume than my next
target is 921.98.
However,,
If we close with more down volume than the high is
in,,
the chart attached shows that Ernie may be right as my
intermediate profit taking index points to 25-35 more points in sp500 as upside
roof
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Neal
Hughes
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Sunday, November 17, 2002 11:31
AM
Subject: Re: [RT] SP 10-30
profitok,Looking back at what you wrote, the
S&P did make a higher high. I toohave been surprised by the strength
of the market. At that time I wasalso thinking we are due for a
retracement. Instead we made a new high,at another Fib level. Now
at last we have a retracement from that high, the retracement from Nov 6to
Nov 13. And then a rally for a few days after that. Once again I am
expecting a lower low to be made, taking out the low of 11/13. I'm
expecting SPX to roll over somewhere between now and the region of the
high of 11/6.. But until I have a turn on the weekly Stochastic, the
bulls have control, so I must wait for a while longer... Perhaps the bulls
arestrong enough to push beyond recent highs?My daily charts show
SPX ready to roll over. My weekly charts showSPX still strong enough to
rally, though quite overbought. We are ata time of potential transition,
where the daily direction can cause theweekly to follow. The longer this
takes, the more likely sellers willdominate.. The recent swing low marked
the second time we testedFib support (the prior was late October), not a
good sign for a rally.If the daily MACD fast line stays below the
slow, we couldhave a bear-party on the way. The weekly MACD shows
the opposite.In summary, I'm a bear right now. But I'm ready to be
surprised, to trade what the market does at the Fib levels, working not to
be too rigid about my expectation... I've learned that lesson a few times!
:-)-Neal.At 11:34 PM 10/30/2002 -0500, you wrote:
we Failed today to
come back above previous highs,,and we did
take out last week lows yesterday,,I suspect sp is
dead in the water and will not make a higher high,,<FONT
size=2>the NASDAQ is a DIFFERENT story,,it Will make
a higher high and fail (not tomorrow)
----- Original Message -----
From: delta88343@xxxxxxx
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, October 30, 2002 9:19 PM
Subject: [RT] SP 10-30
The market seems to be having some difficulty moving down to the next
projected low at this time...though it's not due for another full week
plus.
If the most recent medium term low (larger circle) actually did
hit on the left side of its point date, this will be a sign of strength.
Unless some outside force is really exerted on this market, I don't see it
dropping at this time in the vicinity of the mid October low.
We may be seeing a simple and weak "reaction" to the pending
intermediate term low, especially if the medium term low was made-early
mid Oct. then a continuation of the move to the next intermediate and
medium term highs projected end of Nov.
However, there is still plenty of time for this market to roll to some
degree to the downside.
Anyone else have an opinion of what is happening?<FONT
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