[CANSLIM] Update on S&P 500 index

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



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