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Strategies & Market Trends : P&S and STO Death Blow's
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To: Jeff who wrote (4840)8/7/2002 5:24:20 PM
From: ajtj99  Read Replies (1) of 30712
 
Jeff, I think we have to start paying major respect to that falling resistance line from the May 1759 top. That line will have dropped 480-points in 3-months by next Tuesday.

The line Tuesday will be at about 1280 COMP. At the rate it is dropping, we could likely meet the Savvy Charts target of 830 by October.

In October that line should be at around 960 COMP by October expiration. Throw in a 160-point trading range and you've got a COMP 800 target.

Of course, that line could be breached and become support, but I think we need to keep this important line in mind when looking forward. Until it is breached, it needs to be respected.

I think we had our Max Pain ramp today. They may have been worried.
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