No replies to this topic

[wallyw]

i now have a downside p&f projection to 1380 for the spx and we had another 90% down day. it would appear that the trend has changed. according to lowry's, if you have 2 90% down days, you need a 90% up day before the trend is changed back. if the spx closes below 1484 for the month, the signs will not be good for the long term. by the way, it would take a new high to get an upside projection from here. i do not have a new downside projection for the dow. i would expect a good rally from here. there has been an awful lot of selling in the last few days. nevertheless, when the market changes trend, you tend to see a 10-15% downdraft before a meaningful rally.