The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Doug R who wrote (30316)	6/18/1999 3:17:00 AM
From: Doug R	Read Replies (4) of 79214

What's in a chart? A discussion on the S&P: milesov: did you look at s and p chart yet today? milesov: looks like the 13rsi reflects the little ihs that is set up over the last month...target 1370ish Tiric: Just a minute...I'll give it a look. milesov: looks like if earnings turn out decent next month, we could be at new hi's... milesov: naz is a bo too on price milesov: on s and p, looks like todays low was retest of dt bo Tiric: Got any HA hits? milesov: well? did you look? milesov: i'll run it now, friggin fdo is out as of today milesov: bcgi milesov: oh man is it nice Tiric: The S&P is still technically negative milesov: where you seeing weakness? Tiric: 233, 21, 34 Tiric: 13 d RSI milesov: 89.3.5 looks like ihs bo, so does 13 rsi... Tiric: 3 dRSI Tiric: Draw the lines for the 13 dRSI system...nothing's been accomplished Tiric: There's no real breakout and the advance on the indicator is decelerating Tiric: 8/31 low to the 2/9/99 low on the 13 dRSI is the key line here. It doesn't look hopeful Tiric: The 8/31 to 4/19 line is where large hits to the downside occur and we're above that line now but there's nothing in the activity to suggest that it won't drop below it again in the next couple weeks. Tiric: The 5/19 to 6/7 line across those highs on the RSI is what stopped it today...on a negative hinge. Tomorrow will be technically weak Tiric: Pricewise, the lows from 6/2 to 6/11 on the S&P is somewhat important milesov: as what? the possible new trendline if we do go higher? Tiric: Extend that line back and you get the IHS neckline set up last October. Tiric: Actually, it's not the IHS neckline but it is significant as far as the bottoming activity of last October is concerned. milesov: k Tiric: 15 days closed below that line during that correction. Moves that took price above that line were very strong days Tiric: A 53 point range on 10/15 was the first real day out of the correction Tiric: The 10/15 close was above the 6/2...6/11 line Tiric: The current technical profile of the S&P very much calls that line into question. Tiric: The post I put up about going on a picnic if you don't have nerves of steel is based on all that stuff. milesov: k milesov: what's left to bring the mkt down? Tiric: Weight

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