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Just as the NASDAQ averages appeared to be slowing the decline momentum, the
NYSE kicked into high gear and headed south. The question on trader's minds
is where is the expected rally. Having dropped through important time and
price support levels, the quest is to find support which might hold long
enough to mount a bear market rally. The first post included the NASDAQ
Composite weekly chart. The 3 attached charts complete the picture.
NASDAQ Composite and 100: The technicals strongly suggest that the 94-96
ND100 and 94-96-98 Composite trendlines will be taken out before a 5 wave
impulsive decline is complete.
NYSE: As in the 73-74 decline, the NYSE got a later start than the more
speculative NASDAQ. There is some good support confluence in the 572-575
area which would suggest a nominal ABC correction. A decline to the next
support area at 555 would confirm an impulsive decline is in progress.
S&P 500: Like the NASDAQ averages, the S&P 500 has zipped through several
important support areas. The 1100-1130 area looks like it might provide
support, however the 94-96 support trendline appears vulnerable before the
entire decline is complete.
Earl
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Attachment:
Description: "Sp500Weekly.gif"
Attachment:
Description: "NyCompWeekly.gif"
Attachment:
Description: "Nd100Weekly.gif"
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