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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 692.12

-0.3%

Feb 10 4:00 PM EST

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To: Clint E. who wrote (34999)	11/4/2001 2:56:01 PM
From: mattie	Read Replies (1) of 70672

I don't have a timeframe, but look at this 5 year chart of the SP500. bigcharts.marketwatch.com The first thing I see is the index rallied to its down trend-line. It will not be easy to break this to the upside. In addition, that spike low after 9-11 looks to me like it has to be tested and a base needs to be built for a test of the up trend line again. From a fundamental perspective, the economists are pushing out the end of the recesseion to the middle of '02. The market should bottom 4-6 months before the end of the recession. But we also have some negative wild cards such as an additional terrorist attack, an argentinian default.. I would change my mind if we can break the trendline - which may be possible given the Fed pumping $$ into the system...but path of lest resistance is the downstrend in my opinion (short term).

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