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The 1175 noted below should have been 1075. I
believe that was corrected in a previous post. We are now at the 1130
area. There should be resistance in this area. Either a retracement
of this move up or consolidation. Next upside projection is 1188
+/-. Price is also approaching that price level that will void the bear
projection of 560. Ira
<BLOCKQUOTE
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----- Original Message -----
<DIV
>From:
<A title=mr.ira@xxxxxxxxxxxxx
href="">mr.ira@xxxxxxxxxxxxx
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">real traders
Sent: Sunday, December 14, 2003 8:32
AM
Subject: [RT] Market condition
I have been reading a lot of opinions on the
market and no definitive parameters. Here is what I see on my
charts. I am using the S&P Index as that appears to be the focus of
most of the group.
We are in a bear market until 1180 is taken
out. Until that time the probability of a 560 low still exits. If
the 1175 resistance area holds the next move down has a slight probability of
forming a double bottom at about 790. If 1175 resistance doesn't hold
the next major resistance appears to be 1130.
The next market low should appear about
1-15. Whether that low is above or below this point time will
tell. There is nothing that says lower at this time. My
next upside target on a shorter time frame would be about 1092. At this
time 1050 would have to be taken out before any significant down move could
take place. If your time frame is really short look for resistance at 1076 and
then at 1080.
Bull or bear is strictly dependant upon your
frame of reference. Can you make money being long in a down
market? Yes. Can you make money being short in an up market?
Yes. One just has to know when to put on a position and when to exit a
position.
Now that my neck is hanging way out, let us see
what happens. Hope that your week ends are going well and good
trading in the coming week, IraTo
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