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Hi Victoria.
The S&P already broke that neckline in January and
retraced to .618 support. It has bounced at the .618 area for the
past few days..
Quite likely that the Nasdaq will take out that neckline if/when
the
S&P also breaks the .618 area.. Then a move down to Oct lows is
very probable..
Even if the S&P bounces & rallies, I can't get excited about the
long side of the
daily chart unless the ES (mini) exceeds 899 to the upside. Then there is
the
prior high resistance area of 940/950 ... So not a very bullish picture
there..
-Neal.
http://www.fibmarkets.com
At 11:14 PM 1/30/2003 -0800, you wrote:
sox neckline was broken last
friday...look for ndx to follow suit (we now have a lower monthly close
and three lower weekly closes)...target zone will generate one hell of a
rally...probably the best since the bear began. Heads up and enjoy
the ride! <g>
V
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