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[hiker]

this horizontal on the daily has been in play for the period February to August 2007 if it does not hold, then lower prices can easily be seen...what happens at the close today relative to this horizontal is most relevant. until SPY moves back above Thursday's low ....sell rallies will likely be in control of the price action 1447 is a major SPX daily horizontal....below 1447 closing basis will not be good for the bulls case at this point. horizontals from long term daily: 1525 1476 rally failure at this level is in play following Friday's close 1447 now being approached 1432 1404 1370 the "bottom" to date in current decline sequence --------- delayed scan result of ETF data Symbol /Pct from Yr High/ Change - - - - - FXI Down 7.40% Down 10.02 Down 6.55% - - - - - OIH Down 11.01% Down 3.43 Down 1.98% - - - - - RTH Down 22.31% Down 0.58 Down 0.59% - - - - - SMH Down 11.23% Down 0.47 Down 1.27% - - - - - TTH Down 5.51% Down 0.41 Down 1.03% - - - - - USO Down 16.96% Down 0.48 Down 0.88% - - - - - XHB Down 40.39% Down 0.66 Down 2.69% - - - - - XLB Down 11.23% Down 0.63 Down 1.61% - - - - - XLE Down 9.89% Down 1.04 Down 1.52% - - - - - XLF Down 12.32% Down 0.67 Down 1.96% - - - - - XLI Down 7.00% Down 0.43 Down 1.10% - - - - - XLU Down 10.96% Down 0.18 Down 0.47% - - - - - XLY Down 10.93% Down 0.29 Down 0.79%

Edited by hiker, 28 August 2007 - 10:47 AM.