Ed Downs zu aktuellen Lage

verfasst von Bill, 02.05.2001, 16:32

Retracements
Opening Gaps filled with retracements to 50%.

10:30 AM EST - The indexes opened up, and then pulled back through our critical lines within 30 minutes of the Open. Now, we are approaching 50% retracement on the Dow and OEX and watching to see if we get a break or bounce. This retracement is consistent with the channel formation topic we discussed on SignalWatch last night, and could ultimately lead to a much stronger bull. For now, we want to determine if we are going to break 50% and move to the lower range of the channel or turn back to move to the top. Watch the following levels for break or bounce:
Dow 10,800

NAS 2,160

OEX 650

Right now, the indexes appear to be staging a bounce off these levels - a potential early Long point. If you enter Long, hold stops at the levels mentioned above. If we break through them, we are likely going to the lower boundary of the channel at:

Dow 10,725

NAS 2,100

OEX 645



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• Ed Downs zu aktuellen Lage - Bill, 02.05.2001, 16:32