Subj : Market Action
To   : PAUL ROGERS
From : MARTIN ATKINS
Date : Mon Jan 13 2003 08:23 pm

-=> PAUL ROGERS wrote to ALL <=-

PR> I still think we need to hit 945 before we correct again.  I've got a
PR> major Declining tops line going back a couple years, see my Tracking
PR> the Market page on the web, that we're approaching.  It's at 976 today,
PR> creating a Pennant formation.  

The two year upper resistant line is also mirrored on the Australia All Ords.
However it's banging up at the moment for the third time against a 3 month
upper resistance line. The short term formation is a rising pennant off
a 3 month bottom resistance. Very bearish. The good news on this chart
is the bottom resistance forms a neutral pennant when it intercepts
the long term down trend line. 

PR> I think I'd just as soon the Market
PR> didn't challenge it too soon.  Most technicians might be looking at a
PR> shallower line.  In any event the day will come when the Market Action
PR> will challenge the Technical formations that have been created by the
PR> Bear Market.  As these fall one by one, it will indicate the end of the
PR> Bear Market.

Perhaps the fundamentalists are being spooked by the technicians. If we can
see a critical formation so can everyone else. The technicians always 
get trampled when the market turns. 

L8r. :)

Aust All Ordinaries Index chart (sorry no volume) by reqeust to :-

martina@netpro.net.au
 
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