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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (7177)	7/14/2001 8:22:27 PM
From: John Madarasz	Read Replies (3) of 209892

That's great that someone is that definitive on direction. Contrary indicator? Who knows. Rallies back to resistance across the board on lower volume. I've got to go to Allan's camp here regarding indicators. When a weak market is at such a critical juncture in both time and price, and the fundamentals behind the market scream weakness, indicator failure is an increasing possibility. Price, volume, support and resistance, rule the roost here, for me anyway. Notice in particular the lower volume behind the move Friday, and the April and May highs. Each drive up seems to be accompianed by lower volume. This is what I'm hoping for...exhaustion at resistance...on lower volume and lower highs. Same with the NYA, evidence of a lot of distribution over the last 5 weeks, but seems poised to rally. take a few moments and check out the bullish percents on the nyse and otc... nyse stockcharts.com otc stockcharts.com short term bounce territoy...long term, we have a ways to go before any real buy signals for longs

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