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Today's intraday chart shows the Street is primarily watching the news
wires.  Prices were up most of the morning, then fell below the line at
lunchtime, only to regain and hold its morning levels in mid-afternoon.
Prices closed up just over a point, but volume increased to +8% above
average.

Now one of the lines pencilled on my charts is a "Resistance" line at
1214, the high last December.  It was penetrated by a point or two once,
and up to 10pts once, during the first half of the year for periods of a
few days and fell back.  In April prices backed-off and took a run at
it, penetrating to a new level where it seemed to find resistance, 1245.
We've been bouncing around just above the 1214 level for the past week.
Former "Resistance" levels often become "Support"
levels.  Could that be
happening again?  Well, maybe.  But the Oscillator is very negative, and
there was an awful lot of selling during the fall from 1240 to this 1214
level.  That isn't good.

The market action doesn't seem to be very positive to me.  The Street
doesn't seem to be very optimistic.  In light of that, I'd be disposed
to take the money and run.

 Price    Vola-    Momen-   Volume   Oscil-   Summ.
 Change   tility   tum               lator    Index
 -__+     -__+     -__+     -__+     -__+     -__+

 __     <___     __<_     09/22
 ___     <___     __<_     09/23
 __|_     __     _|__     __<_     09/26
 __|_     __     _>__     __<_     09/27
 __|_     __     _>__     __<_     09/28

Timing Signals:  I don't use or recommend timing signals, but they're
fun to watch.  If I did though, well, I might use something like this.
(Be warned!!  It tends to whipsaw around signal points!)

Last Signal: BUY        Date:  09/06/05 S&P:    1233
Winner or Loser:  tbd                   By:     tbd

See my market tracking charts for '03-'04 and my investment strategy
study at my website(s):
http://www.xprt.net/~pgrogers/Pers.html
http://www.geocities.com/paulgrogers/Pers.html



Paul Rogers, paulgrogers{at}yahoo.com                       -o)
http://www.angelfire.com/or/paulrogers                   /\\
Rogers' Second Law: Everything you do communicates.     _\_V

... Alaska: Where men are men and women win the Iditarod.
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