Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: westpacific who wrote (35142)	2/28/2002 10:14:24 PM
From: westpacific	Read Replies (1) of 99280

One technician that is damn good thinks the SPX has to test 1045 to 1067 before any bounce. His theory goes on the last run down to the low 1070s we never went to 1060 which is a 50% retracement. In technical terms an index needs to do this before any new rally insues. FYI, 1007.45 is also a potential on a spike down. This theory looks good when you look at a 60 day interval chart, massive downramp with no channel break. And now this nice double top formation, which was same level tested 2 times prior in past weeks. If I read that technical right we should have a hard time breaking the high in the SPX from today on FRIDAY. So lets see how that plays out.

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