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Bill,
Are you suggesting the bull market is over? Or are you just talking about a
retracement here?
I think the bull market is not over, but I do see a retracement to the 1000
to 1150 range on March S&P futures. Since we've had such nice long up swing
(September, October period), I think this may be one of the rare occasion
for me to trade a reaction swing on the downside.
Happy trading
Varouj Abrahamian
On Friday, January 22, 1999 6:19 AM, Bill Bancroft
[SMTP:bbancroft@xxxxxxxxx] wrote:
> RTs,
>
> I said yesterday that:
>
> "For me, I don't call a top until three things happen:
> 1. The market breaks a bullish trendline.
> 2. The market fails to make new highs (lower highs).
> 3. The market breaks through support (lower lows)."
>
> I now am convinced that the S&P 500 has put in a lower high. The only
> thing that needs to happen is for the market to close below 1208 for two
> days in a row (just for confirmation). IF that happens, prices should
> not return above 1208 anytime soon or the trend reversal would be
> questionable. Remember 12/14/98, everyone thought we had a break of
> support only to see prices come roaring back.
>
> Although I enjoy the feedback from this forum regarding the current
> market action, I ask myself, "Where are the Bulls?" Not one bullish
> person responded. Maybe that is bullish in and of itself. I like to
> have my observations challenged, it helps to keep an open mind. What is
> the bullish case here, technically speaking?
>
> Bill Bancroft
>
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