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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: rgjack who wrote (11735)	2/7/2002 7:09:56 PM
From: Susan G	Respond to of 26752

Oh yeah. And now we are far away from the downtrend line again and have to break 1800 to retest it. I'm trying to salvage a little optimism here, but I don't see anything yet to be optimistic about! But a good break of that line will be a sign of the end of the downtrend and will definitely spark a rally. Whenever it occurs. We broke the long term downtrend line from January 2000 this past November, when the Nasdaq finally broke over 1934 again, part of what kept the rally from September going so long, that was a milestone (now meaningless). What's scary is it took almost 2 years to break THAT downtrend line. It just kept following the index down. But this is a shorter term line, and could be broken any time. Hopefully! But it drops as the Nasdaq drops. There is gap support on the COMPX that may provide a bounce soon at 1769.29. But it also may be filled, as it never has been. There is also another downtrend line that we will have to break to keep the market moving up after this small one. It's the one from 1/1. On this chart, the 1/1 line is green, the 2/1 line is read and the long one from January 200 is dark blue. home.earthlink.net The backside of that LONG line from 2000 is below us now, and should act as support on this drop. Unfortunately right now it's down around 1550. I hope something stops this plunge before then, but it's very possible that will be what stops the fall. And it drops daily.