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SP continuous shows broken and retested weekly trendline 22Oct99-21Apr00
above and monthly trendline Dec94-Oct98 below. Close below daily bull
trendchannel confirms broken rally. Support at 1330-1340 remains intact.
ND continuous shows impulsive decline which has brokent through the
bottom of both daily and weekly bear trend channels and is retesting
support which is quite likely to fail. Next major support area is 2200.
Remember that it was the NASDAQ which broke the back of the NYSE rally
in October.The NYSE November rally appears to be falling victim to the
same pattern. I vividly remember the NASDAQ breaking the back of the
NYSE rallies in 1987.
Earl
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