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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Perspective who wrote (20640)9/21/2000 10:51:17 PM
From: AllansAlias  Read Replies (1) of 436258
 
Your thinking strikes a chord with mine.

I want to reiterate something else that we have talked about before BC.

Anybody who is being blase about the next drain in SPX is just not paying attention. All 200 drops in SPX are not created equal.

Look at a long-term SPX weekly chart. This week is the first time since late 1994 that we have traded under the TL connecting the closing lows of 1994 and 1998.

We came close to this line in Oct/99 and Mar/00, we tested it in Apr/00, we barely dipped under it in May/Jun/00, we violated it more clearly in Jul/Aug/00, and now we spend a week under it.

Is it just me or is there a pattern here?

It will take an enormous effort in the short-term to keep this thing from testing the real TL, the one that connects the lows instead of the closes. We have been drifting right as this line comes up to meet us and it is at ~1345 this week.

All of the other tests of these lines came on deep swoons. This one did not. The swoon is yet to come.
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