"The Sunny Side of the Street"
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NOTE: As a Platinum Zone member, you may call Sunny at (760) 930-1050 if you have any questions about terms used herein. CommentaryTHURSDAY NIGHT 10/17/2002 DOW JONES INDUSTRIALS MARKET SUMMARY (DAILY, WEEKLY, MONTHLY CHARTS): Today we rose right on up the to Attractor at 8275, formed by the downsloping trendline from 5/27/2002. It would be surprising if we don’t see a small correction tomorrow down to the 8100 Gann number before trying to push through the overhead resistance. Next Attractor of serious interest is up at 8526. We should continue to see serious upward movement as the double cycles pull the chart prices upward until December 20, 2002. By that time the Dow should be in or near the 9000 area.
On a monthly basis the Dow just passed back through the neckline on the Head & Shoulders pattern that has been forming since 1998. By technical measuring techniques, it didn’t go low enough, saying that we still have more to go on the downside. But, just not at this time.
QQQ MARKET SUMMARY (DAILY CHART): As we said just a few days ago, the market would use the “resistance becomes support” adage and test the downsloping trendline from the top. Today it did just that. I still think it will make an attempt to touch the Attractor at 24.40, but there is no way to tell whether it will go down first and then up or the other way around.
Investors: Our long-term model is still short until proven otherwise. It will probably go long tomorrow, but we are strict system followers and we will thus wait for the official signal. No jumping the gun. QQQ MARKET FORECAST (15-MINUTE CHART): Today was filled with pennants, suggesting that everyone was scared to take it higher and afraid to take it lower. A true chicken market. Traders: Our short-term model is long the QQQs from this morning. Nothing much to write home about from today’s narrow range channel, but we should see some action tomorrow. TECHICALLY SPEAKING: Technically, on the QQQs, the ATR is increasing, giving us more room for trading! We like that part. It also means that when the ATR gets up to about 1.35 (now at 1.00) it will slow down and begin to narrow the range again. RSI is near, but not at 65 yet. That means to me that we are not really showing the strength that a solid bullish move should have. We may just be moving up on short covering, or on public exhuberance. But in any case, the double overlapping cycles [see chart] should carry us on higher, taking RSI into and above the 65 range. On a broader view, the bottoms of the RSI are upsloping, making higher lows, and that’s an encouraging sign. And, again don’t forget that carving out a solid bottom formation can take a long, long time.
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How Did We Do? Weekend Stock Alerts
This week's (10/06/02) Sunny Side of the Street Weekend Stock Alerts:
The premium levels of membership to "The Sunny Side of the Street" get more details, more commentary and more charts. The Gold and Platinum levels get access to intraday analysis. If you are interested, give us a call at (760) 930-1050. State your name over the answering device, and if she's not in the middle of a trade Sunny will pick up and talk with you personally. If she's not immediately available, Sunny will call you back as soon as she can, so please leave your name and state your phone number slowly. Thanks! The passwords to the premium zones change every day, and you will receive it by email with your notification that the commentary has been posted. You must be a subscriber to view the Platinum and Pay-per-view zones. |
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