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To: donald sew who wrote (49409)	8/6/1998 9:46:00 AM
From: jjs_ynot	Read Replies (1) \| Respond to of 58727

Don, As you are well aware, support levels can become resistance levels on the way back up. I think that the degree which the market can break through DOW 8570 and 8700 will tell you the strength of the rally. Right now it appears that Dow 8570 and SPX 1084 are offering some resistance. Dave

To: donald sew who wrote (49409)	8/6/1998 11:58:00 AM
From: edward miller	Read Replies (1) \| Respond to of 58727

I took a quick look at the Dow chart (I have been following the SP500 more closely). I see resistance all the way up to 8900-9000 because of the June lows trading range. After the market broke from its top the zigzag trading we saw last month could now be very solid resistance that will stop any rally. If this is true then any rally will fizzle at SP cash about 1140. If this scenario plays out then we see new lows in September. BTW the Tempe Williams's EWave site (he posts on BK thread) just revised his projections in a manner consistent with the above scenario. If we are in a bear market as I believe we are, then I would expect a failure to get above that 1140 congestion area. New highs versus new lows, the serious advance- decline deterioration, plus P&F bullish percent, plus company profits evaporation, plus the highest evaluations in history and low cash are a "pocket full of keys" for me. Ed Miller