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Assuming there is a big move in the market in the first or second week of
May, I would look at some of my indicators to determine the direction. I'm
attaching a chart of the DJIA with a couple of my own volume indicators.
As they both show money has been flowing out of the DJ-30. Ideally I would
like
to see the DJ-30 challenge its intermediate high of 11400 and the SP-500
challenge its intermediate high of 1527. Barring that I have my own
fibonacci resistance points I'd like seen hit (1468, 1483, 1496, & 1509 in
the S&P Cash). If a resistance level is hit during that time frame,
especially on a pivot day (intermediate high and a close below the open)
with larger than normal volume, and my market indicators still show
weakness, I would look to go short the market.
Pete
Attachment Converted: "f:\eudora\attach\DJ420.gif"
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