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November 18, 2002
Understanding the Trading Diary provides further guidance.
The primary trend will reverse (up) if the index rises above 9130.
The Nasdaq Composite Index again tested resistance at 1426 before closing 1.2% down at 1393.
The primary trend will reverse (up) if the index breaks above 1426.
The S&P 500 imitated the Dow, closing 9 points down at 900.
The primary trend will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 40% (November 15).
Weapons inspectors arrive in Baghdad. The crunch comes on December 8, when Iraq has to hand over a declaration of its weapons program. (more)
New York: Spot gold is down 110 cents at $US 319.20.
The primary trend will reverse if the index rises above 3150.
The Slow Stochastic (20,3,3) is above its signal line, MACD (26,12,9) is below, while Twiggs money flow signals distribution.
Last covered on October 17.
ABC has completed an inverted head and shoulders on the monthly chart: the left shoulder at , the head in the form of a triangle at  to , the right shoulder at , and the break through the neckline at . The target for the pattern is 1.67 ( 1.00 + 1.00 - 0.33). Relative strength (price ratio: xao) started to rise [a] at the breakout from the bottom triangle at  and was confirmed when the next trough [b] respected support. The indicator then moved sideways for an extended period, forming equal highs at [c] and [d], before again breaking out at [e] with confirmation at [f].
A rise above 1.15 will be bullish, while a pull-back which respects the 1.15 support level will be a strong bull signal. A break below 1.08 will be bearish and may signal a re-test of support at 1.00.
than the unquestionable ability of man
to elevate his life by conscious endeavor.
- Henry David Thoreau