Go to Jeff Salisbury LWGate Home Page.From: "Hill, Ernie" <Ernie.Hill@ElPaso.com>
Subject: [CANSLIM] Update on S&P 500 index
Date: Wed, 1 May 2002 19:20:29 -0500
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The S&P put in a new low yesterday barely undercutting the low from Monday. Today the index closed above yesterday's high (the confirmation indicator I use to determine when a market turn has been made). Sometimes it is hard to see the forest for the trees. Today I looked at recent market price action and structure today with a fresh set of eyes. Just yesterday I said, I would be skeptical that the 1060.86 level would be able to hold and support a turning point, I believe I said "it just wouldn't make a complete little technical package from my perspective." Well upon further review it does make a nice complete little technical package. In fact I have a high degree of confidence that yesterday was indeed the low of the move which halted at 1063.56 very near the 50% retracement level of 1060.86. However, 1033.45 still remains a possibility. Even so, with today's close above yesterday's high and the index not giving way to late day selling (a change in trend of it's own) I will be shopping tonight for something to buy. E ****************************************************************** This email and any files transmitted with it from the ElPaso Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ****************************************************************** - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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