The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Magnatizer who wrote (32349)	10/21/1999 11:49:00 PM
From: Magnatizer	Read Replies (1) of 79243

Market Magnets 10.22.99 geocities.com notes Going to start focusing on SP in notes since that is my focus of trading day. SP is playing with the overhead pointed out in the forkin charts posted Sunday. I am quite skeptical of these late day rallys because new lows on the NYSE continue to expand. The 60 min SP futures is trading back and forth around its 20 ema. This is not a time to be position trading stocks. Its a scalpers market cuz being on the wrong side can hurt very quickly. I lean toward downward stance for a few reasons.... 1) forks point toward lower lows coming 2) H&S neck has been broken (In order to change this view the dtrend from the head top to the top of right shoulder needs to be taken out) 3) Weekly ratings remain sells 4) Have not seen the high volume sell off associated with a strong bottom 5) NYSE new lows in critical territory ht david

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