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Strategies & Market Trends : Three Amigos Stock Thread
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To: Amigo Mike who wrote (8983)9/22/1998 10:47:00 PM
From: Magnatizer  Read Replies (1) of 29382
 
Amigo Mike

Of course I see a reason, wether or not it is valid is the question.

I have magnet downtrends established on each of the major indexes.

The nas broke that downtrend on Monday, therefore it had no immediate overhead.

The Dow finished just 2 points shy of the downtrend on Monday. This overhead was taken out early but it took too much of the energy to break through and it could not hold.

And finally the S&P which finished 3.5 points shy of its downtrend on Monday. It had many trades at or around that number today. Never really moving one way or the other to far.

All said the indexes did not really impress me to much today on the bull side. None had the power to gap over the downtrend and hold. And the nas, which was already over the downtrend, just had a so-so day. In a good bull leg up it would have pulled everything along with it. In order to get out of the current market ugliness we need a good gap and run action. I still stand by the earlier call of the Dow slipping into a symetrical triangle with a bias toward down (by bais toward down I just mean the triangle has a steeper slope down, not a bias toward market breakdown).

R2K still has one or two days left in it IMO. Then it goes for a retest of the uptrend support it bounced off of in late Aug early Sept. It is currently in the 345-350 range

ht
david
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