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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.17

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To: Clint E. who wrote (33320)	7/10/2001 12:48:12 PM
From: j g cordes	Read Replies (1) of 69695

2000 is the level that must be broken to the downside in order for a more significant rally to occur on the upside.. The gap between 1950- 2000 around Apr 18th has been tested once around June 20th. We've had two successivley lower highs since the rebound high on May 22nd. The cycle points to testing a lower low again, later this week? If it does break below 2000 and holds there on close, then a dip towards 1850 would be the next trendline target to go long at, for going long a 220+.. sort of an anemic Summer rally. But this is just pattern projection.. it will be interesting when some telco equip provider says orders are picking up! Then optimism will get the better of dire straights.

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