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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Tom Trader who wrote (4218)	9/17/1998 9:13:00 AM
From: Arik T.G.	Read Replies (1) \| Respond to of 44573

Tom, >>The question now is whether we are going to hold the 7400 level -- if we end up testing it this go around. I disagree. The question is if we are indeed going to test the lower trend line (today Dow 7630; OEX 481; SPX 986 and rising) and is it going to hold. To the former - I don't know. let's see if we pass the mid point (today SPX 1017) first, that will change things a bit. To the latter - Most probably yes. If we get that low again, IMO we're bound to a new low. BTW, On August 25th the market traded and closed over the 21 dma, for the first time since the July top. On that day the market made a local high and reversed, and in the next four days it made its biggest decline in years. Yesterday we traded and closed again over the 21 dma. Today we face a -2% open ATG