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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 674.96

+0.9%

Nov 25 4:00 PM EST

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To: xcr600 who wrote (25718)	3/23/2000 1:34:00 PM
From: shasta23	Read Replies (2) of 68294

XCR600! Frankly i'm not familiar with the term of a double top the way you define it. On the compx we made clearly a double bottom and now rallied above the last swing high fulfilling the dow theory definitions of a trend change in that time frame(break of trendline, retest of bottom, new swing high). But on the daily we're of course under the all time on the COMPX and now facing 5k and the gap resistance at from 3/13(above 5k).The dow is also at a round number again. Don't know if both indexes can just power on and break above these resistance levels after rising >10% in just a few days. The only thing i know is the fact that i will not buy right here because i feel the risk is too high for me. Rather buy on pullback or break above the round numbers. WOuld like to see some basing before that to digest the gains... Stefan

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