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RTs -
Follow up.... Downside SPX cash target area is 1020-1050. SPX fututres are off 6.00 as I write this. Will go short on the close if below 1105. Stop at 1115. Acceptable risk/reward of approx 3:1.
If downside move develops and performs as targeted, this will confirm a change in trend from bear to bull.
Steve
>>> Steve Walker <Steve@xxxxxxxxxxxx> 11/04/98 04:15PM >>>
RT's
I have been looking for a top in the 1128 SPX area. I arrived at this by
taking the July top of 1191 less the August low of 939 or 252 points * 75% for
189 points. Add this to the August low of 939 to get 1128 on the SPX.
Today the cash SPX made a high of 1127.18 before closing lower on the
day. Today is Nov 4, which is a full moon and much has been written in this
forum of the market declines which often accompany a full moon.
Additionally, Gann wrote that there is often a CIT in early November during
election years. I will be watching my short term indicators to initiate a short
position. I have not calculated my target low based on today's price action
however using yesterday's I get a downside target of 1015-1050 using Gann
Angles and 1030-1055 using an Andrews calculation.
Steve
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