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Several of the European stock markets show potential to match, or come
within a few percent of their December lows. That is tough for me to see
here, but with drop below 1277, and run below 200-day ma says we have
chance at 38% retrace of whole rally from 8-October near 1230. Have
other possible targets near 1170. Note that 1230 is well into the three
month trading range we developed in Q1.
Only note to remind folks is that all the astro-types have been talking
about tomorrow being a key day for the markets. These calls, as I
understand them, predict turning points and not direction. Soooo, if we
finish near the lows and volume can pick up past one billion shares, IT
MIGHT be enough for a low. Does not look that way honestly, and all I
see is small bounce off hourly channel from the highs.
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
url: http://www.poserglobal.com
email: swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
----- Original Message -----
From: Joe Frabosilio <joe6964@xxxxxxxx>
To: <realtraders@xxxxxxxxxxxx>
Sent: Tuesday, August 10, 1999 11:13 AM
Subject: MKT: SPX
>
> Sorry I didn't post any charts, it would be a little too big. In
> looking at the SPX, the monthly, weekly, and daily charts say
basically
> the same thing. My take is if the SPX were to break below 1275 this
may
> start a new trend (down). The next support would be ~1225.
>
> Below that, all I can do is plot out Time and Price lines. Does
anyone
> have a different way to see if the trend is about to change?
>
> TradeWell,
> Joe Frabosilio
>
>
>
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