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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 693.77-0.2%Jan 13 4:00 PM EST
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To: Johnny Canuck who wrote (35544)12/14/2001 3:23:40 AM
From: Johnny Canuck  Read Replies (2) of 69737
 
Dec 13,2001 Note

COMPX at a critical point on the daily. A break of 1944 would negate the recent up trend channel. Intra-day a buy signal has been generated. It should bounce at this level.
Expectations are for this rally to fail, in which case shorts would be entered.

SOX is also at a critical level on the daily. Watch 540 level. A break of this level would negate the up trend channel. Intra-day we have a problem, as the charts are indicating a potential negation of the buy signal. The first hour of trading will tell the tale. A negation of the buy signal would indicate more potential downside on the COMPX and invalidate the the buy signal on that index also.

Note that this is the week before options expiration. Professional traders will be flatten positions, so strange things can and will happen.
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