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Strategies & Market Trends : Waiting for the big Kahuna

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To: bobby beara who wrote (25509)	8/28/1998 10:09:00 PM
From: William H Huebl	Read Replies (1) of 94695

Thanks Bobby, But it is NOT the POSITION of the DOW in relation to the 200 day MA, it is the DIRECTION of the 200 day MA! That is a VERY important distinction! One very important thing happened today... the VIX got into the mid-40's which is a very important level of fear! In fact, from the data I have, it appears to have exceeded the Oct 27th's level... another good sign. So here is the good news: - we have positive divergences in both binary waves I plot. This MAY (NOT must) indicate a turnaround. - VIX is at levels which reversals have occurred. - Zwieg breadth thrust is showing bullish signs. - the relative momentum of the DOW as well as the binary waves is showing positive divergences also. BAD NEWS: - TEMA negative on DOW - Relative momentums (momenti?) are below 50% which is negative for the DOW. To summarize: At this point with what I have looked at, the markets may have further downside. However, looking at some of the support levels including Fib retracements and speed lines, the S&P500 shows some formidable support at the current levels!

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