Re: [RT] The Market environment

[Dan C <dan.danc@xxxxxxxxxxxxx>]

Earl,
I would appreciate a description, list?, of your long term cluster of
targets.  I would like to try to see what you are seeing.
Regards,
Dan
EarlA wrote:

I'm still looking for
price to hit my long term cluster of targets around 1078 and am working
order to complete my put position. Market never does what is expected,
but my best guess is that we'll see a sharp spike high during which SP
futures inventory will move from weak bears to strong bears. Market should
then drop pretty sharply to something in range of 50% retracement March-November. Earl 
<blockquote 
>
----- Original Message -----

<div 
  >From:
Dan
C

To: canslim@xxxxxxxxxxxxxxxxxx

Sent: Thursday, November 13, 2003
9:46 PM

Subject: [RT] The Market environment
 The formation of an ascending triangle on the weekly S&P caught
my
attention a couple of months ago.  It looks to be close to being
resolved, as the price action is at the apex of the triangle. 
At
the same level the index has retraced to the 38.2% level, that is
drawn from the March 19, 00 to the October 6, 02 low.  This
retracement  level could also offer resistance.  Also in
the same
neighborhood is failed support (Cerise line) for the "M" of a small
double top.  It is also bumping up against the upper Bollinger
band.  Four reasons for a potential failure at what might be strong
resistance (supply).  If it does move higher, there is potential
strong resistance at the 50% level that also has resistance at the
double top (Blue line).
Any thoughts?
~Dan~
 
 
 
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