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Technical Market Action The market sold off on Friday in the sharpest break since Septeber. The industrial average closed at 177.05, off 4.83. This closing price Vias fractionally below the February 26th low close of 177.22, but Friday's intra-day low of 176.87 held fractionally above the February 26th low of 176.54. The rail average was dov;n 1.73 at 49.77 and intra-day 101-7 was 49.66. Both these figures were below the February 26th lows. VoluIle was 1,2.10,000 of ihich '180,000 shares was concentrated in the last tiO honrs. 'Friday's action was very disappointing. Recent action led to the belief that the current rally Vlould carry through into next week with a possible nearhy testine of the February highs of 184.96 and 53.65. Friday's action obviously cancdled such ir.1plications. Inability of the rally attellpt to penetrate the February highs has broadened the possible top pattern and indicates a possible further dip to the 174-172 area if the February low of 176.54 is decisively penetrated. There is a possibility that the 175 level L1ight hold but v;ould be ;.lore inclined to anticipate the sonevlhat lower figure. / Ability to hold above the 176 level would be extremely constructive. A decline below that figure lVould be discourlleine for the nearer tern, but would not alter the larger tern pattern. The 1'15-160 area of Septeober-Decenber offers a treoendous support area not far below present levels. March 7, 1947 EDMUND II. TABELL SHIELDS & COl.PANY ClosiM Dov-Jones Industrials Do,'-Jones Rails Dov;-Jones 6(; Stock 177.05 49.77 63.95 The opinions expressed in this letter are the peROnat interpretation of charts by a.Mr. Edmund W. Taball end are not presented the opinions of Shield, I. Company.