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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: HairBall who wrote (22607)	8/10/1999 2:17:00 PM
From: j.o.	Read Replies (2) of 99985

LG, just wanted to say thanks for the heads up on the descending resistance line for the SPX (hourly) a few days ago. After watching our failure there I was able to protect my previous longs reasonably well. I wanted to say thanks earlier but have been pretty busy. Now we've actually moved through the old lows of the Nasdaq, and are challenging the channel support (slightly upwards trending channel since Feb), in my view - if not through it on an intraday basis. Unlike 5 days ago, we are not seeing a violent reaction to this - it seems as though we might just lose it here if we're not careful. I still think that if $/Euro moves back below 1.07, we have a fighting chance...but the $ is still under pressure. BWDIK j.o. indextrade.com

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