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To the list:
Robert McKinnon's article, "Enhancing the Raff Regression Channel," in
TASC Nov. 98 describes a technique of looking at the underside of lower
Raff channel lines as offering resistance to rallies: ". . . once the
support provided by a channel bottom is overcome, the channel bottom
becomes a strong resistance line." (Figure 7). In case you missed it,
today's (Tuesday's) rally in the S&P 500 (cash) rose to just under the
bottoms of five (5) Raff channels, the longest one tracing back to the
Dec. 1994 bottom. If McKinnon is correct, this could be a portent of a
sharp turn to the downside in the near future.
Food for thought......
Fred Bender
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