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Strategies & Market Trends : The Player's Club -- Ignore unavailable to you. Want to Upgrade?

To: Bull RidaH who wrote (9)	11/2/1999 11:49:00 PM
From: John Pitera	Respond to of 11513

David, I am concerned that this outside reversal day on the SPX and the DJIA and that it may portend a leg to the downside especially since the DJIA daily chart was not able to get above the 10847 level or so that would be a .618 retracement of the decline from the august 24th high at 11366 down to the 5 wave low of 9973 on the djia on 10/18/99. I believe a that a doji star and the long upper shadow occurred on both the DJIA and the SPX ...this coupled with the outside reversal day indicate a probable change in trend. John A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar. A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).