Zeev's Turnips - No Politics Message Board

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

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To: Zeev Hed who wrote (79489)	6/15/2002 7:45:57 PM
From: ajtj99	Read Replies (1) of 99280

I agree, Zeev. The indicators we had at COMP 1445 are nothing like what we see at major market lows. We ARE going to breach the Sept lows on the COMP, and it will be more than just a few points, IMO. One indication that the correction will be steep is the breakdown of the small and mid-caps. Many have broken uptrends just in the past couple of weeks that have been largely intact for nearly 9-months. That is one reason this swoon will be more brutal than many are expecting. The Dow is acting as if 8800 will not contain it on this drop (that's a H&S target). I thought 9300 would hold last week, but it was breached handily. Next support is 9000, and we could possibly see that this week. Below that support is around 8600, then the Sept. lows. The 3-4 day cycle of drops and re-tests lately would indicate we're due for a test of COMP 1445 by Tuesday or Wednesday. COMP 1445 should be breached and another short bounce should follow. I doubt we touch the Sept. lows this soon, however. Possibly the next target will be the closing low around COMP 1423. The daily charts are going to be useless for the next 2-3 weeks. The longest chart that is useful for trading is the 60-minute right now, IMO.

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