| Summary for Week Ending 28th September 2002
A strange week this week with the decline that started last week continuing
into Tuesday 24th Sept ( 360 deg from 2001 low ). The resultant bounce
for the following 2 days was less than impressive, and for a COT to come
in we always expect some violence in the market to indicate that sentiment
may have switched. This is something we did not get with two creeping
days of rises in Wednesday and Thursday which took the market to the congestion
point of the previous Friday. The Action on Friday however was telling
with almost all the gains of Wed and Thurs being taken out. This is again
a bearish signal very similar to what happened with the Sept 11 signal
day: Declines swallowing upsides in half the time. The signal here is
weakness, and very little desire to be long over the weekend.
Looking ahead the next Time frame of importance is the 10/11th Oct which
is 30 deg from the Sept 11 COT (Sat 12th Oct) as well as being a half
square ( 153/4) from the 21st Sept 2001 low(10th Oct).
Swing Charts
DJIA, S&P500, NASDAQ
Yet again...Not much new here, the weeks declines confirmed the patterns.
Charts
DJIA
The chart this week has a series of Solar degree intervals highlighting
the possible COT dates into the near future.
S&P
The chart this week highlights the Square 153.5 ( 153/4) as well as
the Solar degree intervals from the Sept 11 COT
NASDAQ
The chart this week simply highlights the ranges that have made up
the 2 recent swings down.
DJIA See
Chart
S&P 500 See
Chart
NASDAQ See
Chart
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