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December 02, 2002
The Nasdaq Composite index also formed an outside day, closing up 0.4% at 1484.
The S&P 500 formed an outside day, closing almost unchanged at 934.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 50% (November 29).
The Institute for Supply Management index of business activity came in at 49.2 for November. A rise above 50 would signify manufacturing growth.
New York: Spot gold declined 120 cents to $US 317.50.
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 above; Twiggs money flow signals accumulation.
Last covered on November 29.
I did not make myself very clear: If price reverses downwards after , below the previous low at 11.70, this will be a strong bear signal.
CSL has been in a stage 4 down-trend for the last 9 months before breaking the trendline at  and rallying sharply to above the last high  in the down-trend. Relative strength (price ratio: xao) is rising.
The rally to  appears to be a sharp "V" reversal. These are unreliable patterns, often resolving as counter-trends which fade to re-test the previous lows, and are unreliable to trade (in medium/long-term).
The breakout from the flag at  has a target of 24.50 (21.75 + 21.00 - 18.25). Entry has to be taken close to the breakout point in order to keep the stop-loss (below ) within reasonable limits.
For further guidance see Understanding the Trading Diary.
because they come to wisdom through failure.
- William Saroyan.