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Technical Market Action At Wednesday's lows of 173.64 for the industrials and 50.90 for the rails, the market just about reachd the maximum dovmsiodc object.iv6s outlined in our letter of July 24th and further amplifjed in yer.terdoy's letter. This fact, coupled wi tJl Wednesday's favorable acti.on, leads us to the conclusion that at least an trading turn has been reached. The main fea.ture of V,einesday's market was trem'mdulJs turnover with transactions totalling 3,6;20,000 sneres of which 980,000 oc(!urred in tnc fjnal hour of trading. In the face of iAlis ;olume, the market i.n most instances held firmly. Today's volume WGoS tho largea L since May, 1')40. The marh,t lacked the usual thinness hero tofore associated ,o;i th II cashII rr.arkets and, on salling waves, seemed to moet Gtrong sul'port. While tho indusuials closed 1.88 101ei' on til, day, the decl1z1E was due largely to sharp declines i!'l a 1'8,/ higher priced issues. majority of standard iSf,ues showed plus si;;ns at the clOSE;. SeptembGr 4, 1946 SHIELDS & C01jpAlfi Clozing Dovi-Jones Industrials Dow-J one s Ran s Dow-Jonos 65-Stock 176.72 52.44 64.75 The opinions ellpressed in this letter ere the personal interpretetion of chart. by Edmund W. T.bell and are not pr.sented as the opinions of Shields & Company.