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Looking at the DOW I have no buy signal. It bounced off of 1442 support with
a target of 10330 for this move down. If this current low holds a price of
10961 has to be hit before any move to the upside will be signaled. Then
first resistance is about the top at 11,000. This is for the index.
The OEX would have to hit a price of 653 for an entry to the upside. It also
bounced off of support. There is another support level at 633 with an
interim target at about 603. The 60 min chart is currently trading in an
upward sloping channel that doesn't hold a lot of hope for a continued
rally. The numbers are there for a move down. A trigger price is there for
a move up.
This is not trading advice, just one mans opinion. Ira.
Daniel Goncharoff wrote:
> The 144 MA is also acting as resistance, now at 655.
>
> There seems to be some talk of needing to take out the recent lows with
> some positive divergence before moving forward. That is going to take
> another big move downward. Any comments?
>
> Regards
> DanG
>
> > Clyde Lee wrote:
> >
> > I know everyone thinks we are in a new bull market
> > but I got a problem.
> >
> > We have not even broken the very short RED downtrending
> > leastsquares trend line much less the very long term
> > BLUE downtrending leastsquares trend line.
> >
> > Like the old Sergeant said on TV -- Be careful out there
> > today People.
> >
>
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