Is that support, or what?

[Bill Saxon <bsaxon@xxxxxxxxxxxxxxx>]

The S&P has intercepting support lines at:
1.  The bottom of an uptrending Regression Channel originating in late 1994
2.  The bottom of a downtrending Regression Channel drawn from the recent top
3.  A 62% Fib Retracement of the gain since the panic intraday bottom on
10/29/97
4.  The support at the level of the Inverse Head and Shoulders Breakout that
started this intermediate uptrend on 1/30/98

All of these are right at 985.

If this doesn't hold we may very well be in a Secular Bear Market that may have
a retracement of 40% (the average) if you place the start of this Secular Bull
Market as beginning in 1982.  This would be 5500 on the Dow.

Pros and Cons appreciated

Bill Saxon (not Robert Prechter)