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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (138043)	10/27/2006 5:17:39 PM
From: skinowski	Read Replies (2) \| Respond to of 209892

Chart-wise, I think it is interesting that SPX yesterday closed a little above the 78.6% retracement level of the 2000 - 2003 Bear market. Today, it declined and closed below that level (approx. 1385). So, this week's highs should be fun to watch for Fibo aficionados... As I mentioned, in the shorter time frame SPX - for the moment - found support on the line which repelled all the short term declines during past few weeks. On the upper side - more importantly - the index was testing the upper line of the channel which it formed since 2004. I think the complacency is quite strong... I see bears growing horns - and arguing just how high the market will rally, and how they are eager to buy the dips. Even Prechter, I hear, expects nice bullish things in the near future. Commercials are getting short SPX, which is not a positive sign. But - after all is said and done - the trend is up. At least for now, today's decline is no more than a three-waver wiggle.... of which we have seen many.