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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (64771)	1/27/2003 11:14:32 PM
From: skinowski	Read Replies (1) of 209892

The DOW retraced close to 62% of the October rally, and SPX is a few points away from the corresponding level. The NDX is relatively stronger, and is now re-testing the ~ 50% retrace of the October rally, which it already achieved on December 31. The declines on all three indices on the hourly seem impulsive, and look like they mean business. The December 31 lows are history – except on NDX, where ‘testing’ is still in progress. Incidentally, a rally above SPX 870 or so would create an overlap in the decline… something to watch. The war will apparently happen. Will they buy it or will they sell it? I think that as the war starts, there will be a drop – because this time it IS "different", for we do not know the status of the Iraqi unconventional weaponry. There will be a very justified fear at first – and then, a rally, albeit maybe a brief one – if nothing wildly terrible occurs.

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