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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (37940)	8/6/2002 11:33:20 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69134

[madtrader] Tue Aug 6, 8:14am PDT $DXC I have been suggesting for the last few days that the Dollar should act as a leading indicator, of course it has been behaving much better than stocks. I have also been talking about the importance of breaking the key resistance level of 108. Well, it did just that with a great deal of conviction today. 108 not only worked as a resistance level for the past month, it is also the 25% Fibonacci retracement level for the extended down move from Feb peaks to July lows. The move today also allowed the Dollar to move above the long downward regression channel (Feb to July moves). This is hugely important if you follow stocks. The Dollar peaked ahead of equities in Feb, it also has bottomed ahead of stocks. none. [madtrader] Tue Aug 6, 7:15am PDT $DJI $COMPX So far so good with the breakout of the falling wedge I mentioned yesterday. If you are a swing or day trader, watch for overhead resistance ahead. DJI has resistance around 8500, while COMPX needs to clear 1260. none. Register for our newsletter [madtrader] Tue Aug 6, 6:26am PDT $DJI $COMPX Since DJI broke above 8100, COMPX broke above 1250; both areas I suggested yesterday as reversal triggers. I am long here. long QQQ, DIA