Candlestick Charting--The unknown indicator Message Board

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Strategies & Market Trends : Candlestick Charting--The unknown indicator

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To: MonsieurGonzo who wrote (966)	12/16/1997 12:37:00 PM
From: Esteban	Read Replies (1) of 1589

Hi Steve, Ted and all, Nice call on the index candles, Ted. On the daily chart, SPY was not so gracious as to show us a nice reversal pattern for this turnaround. I look at it as one of those times where you have to look beyond the patterns and into the individual candlesticks, especially at important support levels. Yesterday's daily candle was pretty obvious. An important point to consider is that the SPX, INDU and SPY all found support at likely places, after near 50% retracement of the gain from 11/13 to 12/9, another likely support level. Intermediate term, it's still a bull, don't you think? If this rally fails and we find a new low below 12/12 level, I'll change camps. BTW, SPY.90 gave a nice bullish engulfing candle that was not and end of day candle on 12/12. The morning star from the previous day was a bust. Computer problems have kept me off SI for a while. I'm trying to catch up on the posts. Esteban

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