Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.43

+1.6%

Nov 10 4:00 PM EST

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To: jjs_ynot who wrote (16215)	5/30/1998 2:18:00 PM
From: Robert Graham	Read Replies (1) of 67814

This to me indicates the validation of the MACD zero as a support which makes its crossing more significant. Also the MACD zero can become resistance. So given what we have seen, I do not think we should be seeing any prices much above 1100 for a period of time (going by the crude charts from the bigcharts web site). This eaither means consolidation or a further correction below 8750 on the DJIA which will have its impact on the S&P 500. The support for the S&P 500 looks to be just above 1070. Any comments? Bob Graham

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