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The Sunny Side of the Street
WEDNESDAY NIGHT - April 23, 2003
I was very happy today to be the invited guest of Ike Iossif, of marketviews.tv.  On the opening, Ike congratulated me on my market call from my last appearance (I'm on his site every other Wednesday) wherein I said the QQQs should reach 28.01.

Today I said that I still think the market will reach the 28.01-28.30 range before turning south again.  Let's look once again at the yellow rectangle, and see what today's market action did to it technically (Figure 1).
 
Figure 1-- QQQ Daily with Yellow Box

Today's slight upward movement just confirmed what I have been saying, as the QQQs continue the march (slowly now) upward to 28.39.  I don't really expect a surge to the finish line, but rather a continued march along the trendline until we hit the top of the box, and then congestion sets in.  At that point we should either see a surge over the top of the box and a new bull market move upward, or (more likely) after a bit of congestion see the market fall again, to the 19.75 range on the QQQs and possibly as low as 7800 on the Dow.

On Ike's program today I said that I expect the downward move to take about two months.


Figure 2-- QQQ 15-minute Intraday

From an intraday trading perspective, which by its very nature is different that the investor or long-term traders perspective, tomorrow should be another upward day as the QQQ continues its run upward toward 28.39.  When it hits that area, I will look to stand aside until the market either breaks above the box, or shows me it wants to descend.  No use sitting in a sideways movement.

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As soon as you think you have the markets figured out ... they change.  Always beware of changing markets.

 
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