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Strategies & Market Trends : Point and Figure Charting

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To: studdog who wrote (6672)	9/2/1998 11:18:00 AM
From: Dennis J.	Read Replies (1) of 34824

S&P below 200-day ma In my opinion, this is a big deal. Most/all of the major averages are now below their major support lines, which will now act as major resistance. All p&fers are already on the defense, and it is best to wait for the appropriate reversal and all-clear signals for a change of strategy. There may be more downside to this market still to come. When p&f signals turn positive and an all clear is issued, I would expect the S&P to also have worked higher and probably moved above its major support lines. However, I could be wrong. So use caution, and make your own decisions. Good luck. Dennis

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