The Chart du Jour

Slouching Toward a Breakout

July 20,2000

By, Barclay T. Leib

For considerable time we have been focused within all the equity index chart patterns not on the obvious Nasdaq, Dow Jones, or S&P charts but on a certain obscure one: the Value Line Index (old version) that hardly anyone looks at. It has developed a multi-month coil of inside ranges, and we suggested that the resolution of this coil pattern would dictate our next major equity move.


Chart courtesy of Big Charts.com

As you can see from the chart above, we have recently experienced something of a breakout in this index, with a minor pullback toward the top of the contracting triangle in the last few days. As long as this index holds above its moving average support in the 417-420 region, equity markets should be healthy and happy, and headed higher overall.

Long term bears should continue to stand aside or risk getting steamrolled. Our next cluster of cycles between September 13-21 looks increasingly likely to be a high, not a low.

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