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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (12771)	9/10/2001 4:36:18 PM
From: UnBelievable	Read Replies (1) of 209892

SPX Was Trapped Today Just Above The September Down TL and The bottom of the Channel it fell out of Friday. Remember That September DT Line About Which We Spoke Friday? Today it measures to 1088. Well its right below the bottom trend line of the declining channel that we have been in since 5/16, and broke down from on Friday. The bottom TL can be drawn through the lows of 5/16, 6/15, and 7/11 and the top TL through the highs from 5/22 and 8/2. After breaking down out of this channel Friday today we rallied back up to the point of breakdown and attempted to re-enter it but were repelled, and the bottom line became resistance for the rest of the day (it measures to 1092 today). The older September TL was what was providing the support at 1088. Today SPX was trapped between the September down TL and the bottom of the channel. The good news is that these lines are converging so we can only stay stuck between them for so long. The bad news is that do not cross until October 1 at about 1062. I don't expect SPX to stay in between these two line until then. I'll try to post the chart if I can remember how to do it, <gg>

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