Who says you can't TA this market.
Notice the supports and resistance for the Dow. OK so the magnet were off by 9 or so points each way. I am not complaining
To: James Strauss (20204 )
From: David J Tuesday, Aug 4 1998 4:44PM ET
Reply # of 20261
Magnets for the Dow, S&P, Nasdaq
These are to be used as support and resistance areas. Some are magnets, some are uptrend or downtrend lines related to magnets and some are just areas between magnets. All have significance. Uptrends are noted as xxxx-yyyyy where xxxx<yyyyy Downtrends are yyyy-xxxx where yyyy>xxxx
Dow 30: 7458.2, 7460-7480 (uptrend-used as support during Oct minicrash), 7756.4, 7961.6, 8166.8, 8372, 8525-8550, 8575-8600, 8577.2, 8660-8680, 8792.3, 8987.5, 9192.7, 9190-9210, 9397.9
Nasdaq: 1477.7 (Oct and Jan support area), 1490-1480, 1528.3, 1591.8, 1655.4, 1719, 1782.6, 1846.2, 1860-1875, 1909.8, 1973.3, 2036.9 strong magnet
S&P: 913.28, 932.22, 981.11, 950-960 (this uptrend provided support during the Oct crash), 1025-1030, 1030, 1035-1040 (provided support during Jan dip), 1078.8, 1127.7 weak, 1181.8 weak (so far as the market top)
I will be using these numbers as support on what I believe is going to be a correction to the mid 7000s on the Dow. 1030 area on the S&P and 1475 area on the nasdaq.
ht
david
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