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To: Softechie who wrote (1926)	2/28/2002 2:48:58 PM
From: Softechie	Read Replies (1) \| Respond to of 2155

Charting Money: The DJIA Two-Step, Or, Double Dipping 28 Feb 12:00 By Stephen Cox, CMT A Dow Jones Newswires Column NEW YORK (Dow Jones)--The Dow Jones Industrial Average on Wednesday recorded a daily high of 10255.24 and then sold off sharply. Its failure to test 10300.15 and its reversal confirmed short-term resistance in the 10300 area. Between here and there 10189, is important resistance. Of course, 10043 is still major support - it was practically the Average's low for the past two sessions. However, the Dow may dip to a kind of "bear trap" support at 9951.66 or at 9852.22 presently. That wouldn't be unusual, given that the Nasdaq Composite index is under resistance at 1806.88 and 1890.88. You may remember that just a short time ago, this column was warning about the possibility of a corrective dip into the 9400 handle. This is the way bull markets evolve. Two steps forward, one step back. Progress is slow when there's a lot to step in. Dollar Suspense, Or Just Dollar Suspension The nearby U.S. Dollar Index has edged above 119.54, and it has a shot at the 124 handle if it can sustain the move. Other forex markets are saying that a strong move of the dollar may not happen for a time. USD/JPY on Wednesday just failed to test 135.16 resistance. If the inevitable pullback finds support at 133.58, the market is likely to take another run at the 135 handle. Otherwise, consolidation between 135.16 and 131.99 is ongoing. EUR/USD refuses move decisively below 0.8689 resistance. This means a possible rally into the upper 0.8700 handle. However, I could have said that EUR/USD refuses to move decisively above 0.8689 support. And because the long-term market is technically weak, this latter possibility is the more likely. In that case, a test of 0.8558 isn't far away. To try out the new Charting Markets weekly technical newsletter go to djnewswires.com For more technicalanalysis see: Dow Jones Newswires, N/DJTA; Telerate, page 4073; Bloomberg, NI DJTA; and Reuters key word search "Charting Markets." CQG key word search "Charting". -By Stephen Cox, Dow Jones Newswires; 201-938-2064; stephen.cox@dowjones.com (Stephen Cox, a chartered market technician, is chief technician for Dow Jones Newswires.) (Data by CSI, Commodity Research Bureau) (END) DOW JONES NEWS 02-28-02 12:00 PM