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If you look at a very long term chart the S&P and the Dow have been in a
shallow retracement of the major move up from the 92 low. I don't know what
your time frame for trading is so I can't tell you whether this is a move down
or a slight retracement of a move up. The first chart I posted was a 60 min
chart and showed a large down channel which contained this up channel which
was just broken. So nothing has really changed, we are just been oscillating
within this down channel. Right now the S&P has hit my target on the
downside, has retraced and given 2 trades to the upside and now it appears to
be preparing for another leg down. At this time I do not have an entry to the
downside. For this last bit of information you will have to go to a 15 min
chart. If my entry price is reached we could see 1200 as the next major
support level with something around 1207 as intermediate support. But as no
entry to the down side is reached these numbers are fictitious at this time.
Ira.
David Neeran wrote:
> Ira,
> What are the implications of this? Is this the start of a new downtrend?
> Thanks
>
> >From: Ira Tunik <irat@xxxxxxxxx>
> >Reply-To: realtraders@xxxxxxxxxxxxxxx
> >To: realtraders <realtraders@xxxxxxxxxxxxxxx>
> >Subject: [RT] S&P 500
> >Date: Fri, 03 Aug 2001 07:13:50 -0700
> >
> >
> >As noted yesterday, the bottom of the channel was taken out.
> ><< realtradersS_P60-3.gif >>
>
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