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October 22, 2002
The Nasdaq Composite Index retreated 1.3% to 1292, forming an inside day. The primary trend will reverse if there is a break above 1426.
The S&P 500 formed an inside day, losing 9 points to close at 890. The primary trend is down. The index will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator has swung to a bull alert signal at 32% (October 21).
AT&T reports falling revenues in the third-quarter but manages earnings of 6 cents a share, compared to a loss of 69 cents a year earlier. (more)
New York: Spot gold was up 180 cents at $US 312.40.
MACD (26,12,9) and Slow Stochastic (20,3,3) are above their signal lines. MACD shows a bullish divergence while Twiggs money whipsaws around the zero line after a bullish divergence.
A loss-making biotech stock, NRT displays 2 troughs over the last year, the latest trough being visibly higher than the first. The stock has now completed an ascending triangle with relative strength (price ratio: xao) rising steeply.
The stop-loss after the first entry should be positioned below the low at . After day  consider adjusting the stop-loss up to just below 2.00. The reasons for this are twofold: (1) 2.00 is at the bottom of the 2.00 to 2.05 support band; and (2) 2.00 represents a 2/3 retracement of the last up-swing (from  to  ) - anything more than 2/3 retracement would signal weakness.
Recognizing when the market has hit a top or bottomed out is 50% of the whole complicated ball game.
It is also the key investing skill that all too many professional and amateur investors seem to lack.
- William J O'Neil, How to Make Money in Stocks.