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Strategies & Market Trends : Candlestick Charting--The unknown indicator -- Ignore unavailable to you. Want to Upgrade?

To: MonsieurGonzo who wrote (921)	12/9/1997 5:23:00 PM
From: Esteban	Read Replies (1) \| Respond to of 1589

Steve: Index supports and candlestick magic, oops, I mean science (:>). BTW, did you short LIT? SPY: 97 1/2 looks like support to me too, but the daily trend line from 10/28 was broken today (barely) so support should be right here. Candlesticks look promising. Today's daily spinning top shows not a whole lot of conviction for this downtrend on the heels of yesterday's hanging man. We're still within the Monday's long white day range, could be the beginnings of a rising three methods pattern. My personal favorite, 90 min chart shows a very strong white bodied hammer for the close today. Note that last night's closing bullish engulfing pattern was the first false signal I've gotten from 90 min SPY patterns in like 3 weeks. Unlike last night, my 5 minute chart is in the reversal zone. Fortunately for me, it was not in the zone last night, saving me from a bad trade. I think the other indices pretty much reflect what's happening in the SPY chart. Esteban