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| Subject: possibility that the SPX stabilizes around 840 | |
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Author: S&P |
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Date Posted: 06:34:05 01/26/03 Sun http://clearstation.etrade.com/cgi-bin/bbs?post_id=4034912  We last left this index wondering what the reaction would be as we approached key resistance of 950. It was noted at the time that a turn-back from this level would result in a best-case scenerio of a stabilization around 845, but more likely a move to 700 would follow. Nothing has really changed in this outlook. We have the possibility that the SPX stabilizes around 840, and pulls back to 900 before wave 5' begins. A failure to do so would mean that wave 5 is already in progress, and we should expect to see the October lows in fairly short order. In principle, any value below the key-resistance area of 900-950 should be taken with a bearish slant, as market risk to below 700 remains quite high. [ Next Thread | Previous Thread | Next Message | Previous Message ] |