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Huh? You call this market see sawing? Freefall is more like it. 140
SPX pts in a week...200 SPX pts in 2 weeks...I don't think the SPX
has ever gone down this fast in history.
--- In realtraders@xxxx, John Cappello <jvc689@xxxx> wrote:
>
> Judging by the close and charts I watch, I suspect more see sawing
> but with an upward bias.
>
> John
>
>
>
> ------------------ Reply Separator --------------------
> Originally From: "Hill, Ernie" <ernie.hill@xxxx>
> Subject: RE: [RT] Prognosticators Anomymous
> Date: 07/23/2002 09:41pm
>
>
> So far the market is holding up, that is to say it is not crashing.
> Right
> now the market stands at the edge of the cliff right at the
> crossroads of a
> brief but possibly strong rally, and slipping into panic selling
> crash mode.
>
> Tomorrow's key levels are 791.55 and 780.
>
> 791.55 represents a 1.618 Fibonacci extension of the move from the
5-
> 17 high
> to the 6-14 low as measured from the 7-8 high. I have previously
> posted the
> Fibonacci relationships associated with the 780 level.
>
> The market could find support at either one of these two levels
which
> could
> spark a brief two to five day rally. If this rally does take place
it
> will
> likely be only an interruption to the current powerful down trend.
If
> the
> 780 level fails to hold support tomorrow there could be full scale
> panic
> selling.
>
> I do not think that will be the case. First off my timing model is
> calling
> for a short term bottom to be made tomorrow +or - 4 trading days.
> Secondly
> the 780 level appears to be a very strong support level, and
finally
> it
> looks like we are completing a short term corrective pattern on the
> hourly
> chart that often precedes reversals.
>
> E
>
>
>
>
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