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Strategies & Market Trends : Classic TA Workplace

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To: Shack who started this subject	6/6/2003 10:24:46 PM
From: Shack	Read Replies (3) of 209892

I think most would agree that we put in some kind of top today. It may last 2 days, it may be an 'IT'. Who knows...and anyone who says they do is a liar!-g/ng But here is an SPX chart which should provide some good clues. ttrader.com Lots of lines but that's good! It makes it easier to tell where we are. The striking element of this chart for me is all the lines which converge at 945-958, including some recent breakouts. We have the March 31 channel line, the broken SPX downtrend line off of Sept 2000, the major horizontal S/R line really going back to 1997 and of course the neckline on the monthly H&S which is slightly higher. Make no mistake, we are above ALL these so the bull is still given the benefit of the doubt. But lets keep an eye on these levels for good clues if we start to retrench. Below 948 is a warning. (BTW the annotation should read "945 is key to the steep uptrend". Also the "Sept 2000 upper channel line" should read "all-time bear channel")

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