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To: Warpfactor who wrote (11538)	1/8/2002 12:01:34 AM
From: Sweet Ol	Respond to of 23153

Warp, I chart the SPY, almost the same as the S&P, but you can trade it. It is still riding up the support of a rising trading channel. However, today we see a Bearish Engulfing solid red candle that engulfs yesterday's hollow white candle. This is a bearish sign. The RSI has rolled over, the MACD is neutral and the Stochastics look like they are about to roll over. The 200 MA has been pierced, but not broken. The resistance is the 200 MA and the rising support line (green). If they are broken, there is not much support before 111.78 (which is 1,117.80 on the S&P. OTH, the trend is still up until that channel has been violated. There is a lot of upside potential before running into the top of the channel. stockcharts.com The weekly chart is more optimistic. The last couple of weeks it has broken out of the Falling Trading Channel, but has not yet established a strong RTC. Also, this week's candle is a Dark Cloud Cover, which is ominous. Especially since this seems to be a bear market rally. stockcharts.com On balance, it could go either way. I think we will know a lot more in a few days. Or as the politicians would say, "I have friends who are bullish, and I have friends who are bearish, and I agree 100% with my friends"<ggg> Best to all, JRH

To: Warpfactor who wrote (11538)	1/8/2002 7:23:22 AM
From: chowder	Read Replies (1) \| Respond to of 23153

Warp, John covered most of what the charts are showing. I have mentioned before that trading above the 200 day moving average is very bullish. However, markets do go up and down. In the case of the S&P, the 50 day moving average is the line in the sand. A break below that and it's very bearish. I say the 50 day moving average at this time because it's trading fairly close to the 200 dma. In cases where there's a larger divergence, you'd use the 10 dma as a line in the sand to take profits. stockcharts.com[h,a]declyiay[pb200!b10!b50!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc5!Ll14!Lj[$spx]] dabum