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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: Andeveron who wrote (4522)	9/29/1999 10:09:00 AM
From: Arik T.G.	Read Replies (1) \| Respond to of 5676

Andeveron, So far the S&P has developed a beautiful H&S beginning early April. On closing basis the neckline is flat at 1283, and we spent the last four trading days flirting with it. What looks like a dead cat bounce and indicating an imminent break of that support. OTOH on a bar chart the neckline is sloping downwards, curretly at 1264, and yesterday we had a nice bounce off that line. The 13 dMA is currently at 1314 (and will continue to decline for at least two more days) and has already broken its respective neckline currently at 1320. Therefore the most I expect from the S&P to achieve without failing the H&S is 1318 area, which is a resistance area on a closing basis also. To your question, it is my opinion that if we break decisively the 1280 area, there is no reasonable outside intervention that can force the market over it again, and 1140 will be met. In the mean time AMZN is up 15%. I saw the news. It's a nice idea but won't put them in the black. Well, as long as YHOO, AMZN and AOL keep performing the way they have recently it is not comfortable to be a bear. ATG