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The market dropped about 4pts early in the session, held that level
until late afternoon when the floor brokers squared their books, when it
dropped again under the pressure of their excess supply.  So prices
closed down nearly 80% of the way to significance, and volume increased
to -3% below average.

We're still above the "resistance line" I pencilled in at 1214, but
you'll remember I wasn't convinced because it didn't draw any extra
buying volume.  It's a bit too soon to be looking for a confirming
"follow through" day.  Tactically, I wouldn't be taking a lot of risk
assuming it's onward and upward.

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

 _|__     __     _|__     ___<     03/02
 __|_     _     _|__     ___<     03/03
 __>_     _|__     __|_     __>_     __>_     ___|     03/04
 __>_     _>__     __|_     _|__     __>_     ___|     03/07
 __>_     _>__     __|_     _|__     __>_     ___|     03/07
 _>__     _>__     __|_     _|__     _>__     ___|     03/08

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:  02/24/05 S&P:    1200
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.angelfire.com/or/paulrogers/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

... Chemists wash their hands BEFORE using the bathroom.
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