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March 6, 2003
The primary trend is down.
The Nasdaq Composite closed 8 points lower at 1302. The intermediate trend is down, with the next support level at 1200.
The primary trend is up.
The S&P 500 formed an inside day, down 7 points at 822. The intermediate trend is down.
The primary trend is down; the next support level is at 768.
The Chartcraft NYSE Bullish % Indicator is at 40% (March 5).
The chip-maker narrowed its sales forecasts, cutting the high end off its previous guidance. (more)
New York (18.14): Spot gold climbed 350 cents to $US 356.10.
Slow Stochastic (20,3,3) has crossed below its signal line; MACD (26,12,9) is below. The small divergence on Twiggs Money Flow has ended; the indicator signals distribution.
Last covered on December 14, 2002.
After forming a broad base in 2000/2001, ABC commenced an up-trend at [A]. This was followed by a period of consolidation which included a cup and handle at [C] - [E] - [F]. The up-trend resumed, but now we have a break below the supporting trendline at [G].
Relative Strength (price ratio: xao) is rising, but 21-day Twiggs Money Flow and MACD show bearish divergences.
That was sufficient to spook the market and day  saw an inside day on strong volume, closing well below the supporting trendline.
Price gapped down on day  on fairly strong volume but the weak close signals short-term exhaustion and is likely to be followed by a test of resistance levels.
For further guidance see Understanding the Trading Diary.
Things should be made as simple as possible,
but not any simpler.
- Albert Einstein