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Strategies & Market Trends : The Market Beacons
SPY 689.17+0.2%Dec 11 4:00 PM EST
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To: Jan Robert Wolansky who wrote (928)5/19/2001 10:22:13 PM
From: Magnatizer   of 1298
 
Jan

SP 500 has two significant magnets (one trendline and one horizontal) in the current area.

Foremost is the 1300 horizontal magnet. It has been the target for the SP from the day the 1080 neutral zone provided solid support (3.22.01). If it shows any strength as overhead I will take longs off table and likely go short.

If 1300 does hold resistance the target becomes 1231. If 1231 holds support then the channel of 1231-1300 is going to bore the living daylights of the market for some time.

If SP 500 takes out 1300 horizontal my focus shifts to 1325-1334 area. Two important magnet trendlines reside there:

12.7.01 to 1.17.01 (connect highs) is the highest level magnet downtrend on the SP 500 chart. If it is taken out decisively the SP 500 then has only magnet uptrends as overhead (on the trendline front). I consider it a bull market when there is no downtrend overhead.

The other trendline is from 1988. I am becoming less and less enamored by the longer term magnet trendlines. Through the late 90's they worked quite well. Not sure if their usefulness is worn out or the bear market was just to strong for them to provide support in the drop.

A move through them puts 1420 neutral zone on the front burner. Currently I would put a 30% guesstimate on 1420 being seen prior to the next significant retracement.

ht
Mag
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