actio-et-reactio: for every action there is a reaction. In the background is a sketch by Leonardo da Vinci-teeter-totter- a symbol of how tenuous is the balance between extremes

actio-et-reactio

Balance is but a brief transition between extremes.

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Thursday, November 21, 2002

SPX Daily view update

To summarize the chart notes: There is price bullishness.

-- Two trendlines broken
-- Two signficant Median Lines breached to the upside (Red, Blue)
-- Two new "up" Median Lines created (Grey, Black)

What is not bullish:

-- Breadth indicators are bearishly divergent
-- Sentiment is overly bullish (contrarian)
-- Fundamentals are not robust (declining earnings, spending, credit risks)

Resistance: 940 (1998 low), 954 (Median Line cross overs), 965 (x-ver, prior high)
Support: 925, 916, 909, 899, 897, 865 etc
What would tarnish the bullishness: a close below 925 indicates weakness; a close below 914 is back under pink TL.
Trade safe!

posted by Ana Maria @ 12:17 PM :: permalink




moon phases
 

At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows

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