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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 683.83

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To: ynot who wrote (22556)	8/5/1999 8:50:00 AM
From: wanmore	Read Replies (1) of 68575

For those in fear. Get a weekly chart of the NASDAQ Composite. Draw a line along the 1996, 1997, 1998 highs (it will hit 1998 2X). Note that the line (aresistance line) becomes a support line in 1999. It supported the Jan, Feb, April, and June lows of 1999. Chances are pretty good it will support the Aug 1999 low also. We are almost out of the woods. If it doesn't hold I could consider re-opening my short positions when/if the composite bounces off the line again

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