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Friday, June 13, 2003 7:10:39 PM
Has a new downtrend begun? Probably.
Lets look at the SOX for clues about the NASDAQ:
We are at what I expect is the neckline for the SOX on its chart at 359. One close below 359 may mean a trip down towards 332 for the index before we hit enough significant support to rally back higher.
This is in fact what I expect to see happen. The SOX will either have to find a great reason to bounce early next week or else we will see 332 before we have any hope of the decline reversing.
JMHO, RtS
Lets look at the SOX for clues about the NASDAQ:
We are at what I expect is the neckline for the SOX on its chart at 359. One close below 359 may mean a trip down towards 332 for the index before we hit enough significant support to rally back higher.
This is in fact what I expect to see happen. The SOX will either have to find a great reason to bounce early next week or else we will see 332 before we have any hope of the decline reversing.
JMHO, RtS
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