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September 17, 2002
The primary cycle trends down.
The Nasdaq Composite Index is also testing support, closing 1.25% down at 1259. The primary trend is down.
The S&P 500 tested the 870 support level, closing 18 points down at 873. The primary trend is down.
The Chartcraft NYSE Bullish % Indicator bull alert signal is at 46% (September 16).
McDonalds stock fell 12% after warning that profits will be hurt by slow sales in the US and Europe. (more)
Relief over the Iraqi announcement that they will admit weapons inspectors was short-lived as US officials discounted the move as "a tactical step" to head off strong U.N. Security Council action. (more)
New York: spot gold closed at $US 316.80, 40 cents down.
After appearing to form a stage 3 top, BEN has rallied strongly over the past 8 weeks to a new high of 8.40. Relative strength (price ratio: xao) is rising.
Don't try to pick the turning point on falling stocks, there are often several failed rallies before one succeeds.
Buy on breakouts above resistance.