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Strategies & Market Trends : The Rational Analyst

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To: Carlton G Glenn who wrote (1315)	8/11/1998 3:51:00 PM
From: HeyRainier	Read Replies (1) of 1720

[ Dow Jones Industrial Average ] Kudos to Mr. Ralph Acampora for his 8/4/98 call. Let's take a look at some of the technical developments for the market for the past month to see how the deterioration could have been noted. We first begin with an earlier, perhaps more significant signal that I often tend to refer to, the Failed Signal. The failed signal was confirmed on 7/21/98 after the market failed to sustain a rally to new highs: members.aol.com Also note how the price hovered directly below the 89 day moving average for a number of trading days. On many occasions I have witnessed prices hover directly below this key level before further technical deterioration developed. The Dow is but one more addition to bolster this observation. The slide gained momentum after piercing another critical level, the 144 day moving average. The price recovery was suspect immediately after its uncertain advances. This formed a favorite, the Bearish Flag, and it was with today's action that the market broke below it, expectedly, as it is the nature of the flag to be broken through in the opposite direction of its advance (and vice versa for the Bullish Flag). Regards, Rainier

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