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To: Return to Sender who wrote (7343)	12/16/2003 7:09:42 PM
From: The Ox	Respond to of 13403

OT: SOX stockcharts.com[h,a]wahannay[df][pf][iub14!ub5!lh14,3!la9,21,6!ld7!ld21][J12340584,Y]&pref=G I still like the setup of this chart. It shows that the SOX has a ton of overhead resistance between 476 and the new high of 536. It broke above the internal downtrend line to reach the new high but since then it's followed that line back down. The move from 258 to 536, or 268 points was a more then double rally, the value of the SOX increased almost 104%. During this rally we didn't have a serious correction. When I look at the small pitchfork drawn at the bottom of the chart, the top tine was broken back in August. I think there is reason to believe that it's still a valid formation. It's attracting the index back into it's region or, more specifically, back toward the upper tine. This also aligns the index back with the internal upward trend shown by the dashed line drawn through the highs of 368 and 394. Short term, I think the 453-455 level is of some importance, since these were previous lows the index hit back in April 01 and May 02, so I'm more inclined to think these levels are "more critical" then your 466-467 area. I wouldn't want to turn bearish on a break of 466 just to have the index find support a mere 12 points lower. A move to 453 would be a 23% fall from the high and a nice major correction - something the index hasn't seen during this run. What is also very interesting, numbers wise, is that 425, which is the 50% fib up trend level is just about the 38% down fib level from the recent high. 425 is both a downside target and a strong support level. My read is that we don't break below 425. I think that the big boys might be playing hard ball, taking profits and creating weak knees, hands and guts before we approach January's earnings season. (A small note: the middle tine of the lower pitchfork is pointing to the 380 level, which would be a 50% retrace of the move from 258 to 536. Bearish, for sure, but in the big picture it could be considered a "simple" corrective back fill phase and the longer term uptrend would still be valid. Obviously if this is the read, one should be short here.) Just a few things to consider.