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RL2946@xxxxxxx wrote:
>
> Ross, and RT,
..........................>
> 2. Having said that, Tuesday (10/21) high was
> approximating the 0.786 retracement from
> the 10/7 high and 10/17 low. That, I think,
> is an indication of bearish quality for the SP,
> given today's inability to breach the level moc.
> If the SP closes above 10/21 high, a new leg
> up w/b in the cards, not necessarily
> immediately, imho.
>
> Best wishes,
>
> Rory Lewellen RL2946@xxxxxxx
Rory,
the .786 retracement number is one I watch too.. I found it interesting
it didn't make it above it. I think a .786 is usually a B or a 2 if
such is the case... then it's a bearish tone.
I know that if it get 8 to 15 ticks about the .786 its a gonner.. The
p/c ratios were up pretty high at the market close. Maybe BobR or Walt
will have a better feel for the impending tone of the market.
Don
Don
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