NEW YORK INSTITUTE OF FINANCE

Published by the Penguin Group

Penguin Group (USA) Inc.

375 Hudson Street, New York, New York 10014, USA

Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario M4P 2Y3, Canada (a division of Pearson Penguin Canada Inc.)

Penguin Books Ltd., 80 Strand, London WC2R 0RL, England

Penguin Group Ireland, 25 St. Stephen's Green, Dublin 2, Ireland (a division of Penguin Books Ltd.)

Penguin Group (Australia), 250 Camberwell Road, Camberwell, Victoria 3124, Australia (a division of Pearson Australia Group Pty. Ltd.)

Penguin Books India Pvt. Ltd., 11 Community Centre, Panchsheel Park, New Delhi—110 017, India

Penguin Group (NZ), 67 Apollo Drive, Rosedale, Auckland 0632, New Zealand (a division of Pearson New Zealand Ltd.)

Penguin Books (South Africa) (Pty.) Ltd., 24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa

Penguin Books Ltd., Registered Offices: 80 Strand, London WC2R 0RL, England

While the author has made every effort to provide accurate telephone numbers and Internet addresses at the time of publication, neither the publisher nor the author assumes any responsibility for errors or for changes that occur after publication. Further, the publisher does not have any control over and does not assume any responsibility for author or third-party websites or their content.

Portions of this book were previously published as Technical Analysis of the Futures Markets (New York Institute of Finance, 1985).

Copyright © 1999 by John J. Murphy

All rights reserved.

No part of this book may be reproduced, scanned, or distributed in any printed or electronic form without permission. Please do not participate in or encourage piracy of copyrighted materials in violation of the author's rights. Purchase only authorized editions.

NEW YORK INSTITUTE OF FINANCE and NYIF are trademarks of Executive Tax Reports, Inc., used under license by Penguin Group (USA) Inc.

First edition: January 1999

Library of Congress Cataloging-in-Publication Data

Murphy, John J.

Technical analysis of the financial markets / John J. Murphy.

p. cm.

Rev. ed. of: Technical analysis of the futures markets. c1986.

Includes bibliographical references and index.

ISBN: 978-1-101-65919-9

1. Futures market. 2. Commodity exchanges. I. Murphy, John J.

Technical analysis of the future markets. II. Title.

HG6046.M87 1999　98-38531

332.64'4—dc21　　CIP

PUBLISHER'S NOTE: This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If you require legal advice or other expert assistance, you should seek the services of a competent professional.

Most New York Institute of Finance books are available at special quantity discounts for bulk purchases for sales promotions, premiums, fund-raising, or educational use. Special books, or book excerpts, can also be created to fit specific needs. For details, write: Special Markets, Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014.

Version_3 GR1FovgygzR6zPaTtxiX4VSDzhSswot/a4Tzk9+ev8JakQm0R4v82n8zPP5R0rj2