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Strategies & Market Trends : Point and Figure Charting
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To: James Strauss who wrote (22648)7/25/1999 1:08:00 PM
From: Ms. X  Read Replies (2) of 34811
 
The Dow still has a very long way to go before it even hits support. The last run up was so far that the drop to resistance was 800 points. Currently it is at 10900 and support is at 10450. That is another 450 points to go.

I'm not saying it will drop to there but it could - it is a possibility and if it did, it would just be at support. Not until it moves to 10400 or even 10300 does it begin to break down.

Needles to say, a 450 point drop on the Dow would be injurious to a lot of folks and hearing the Piffers say, "Oh, it is only at support" really isn't going to be comforting for people. But pointing out that the support is that far down may prepare folks for the situation, not to panic about it, but prepare.

As far as the Dow holding here there is no support to help it but it may reverse up and create support. I hope it does this because we would then get a better guide and closer support than 450 points down.

Now I have to put in here that the Dow isn't a market indicator. We talk about it because a lot of people are concerned with the Dow performance and it is just about all that is discussed on CNBC. The NYSE BP is more representative of peoples portfolio's and what kind of risk it is under. Currently the NYSE BP is in X's and we remain long term positive but short term negative. Meaning, there will probably be pullbacks and volatility. If the NYSE BP turns negative then we are on defense and will probably see the market, including the Dow, decline.

Etc etc etc.

I could yak forever on the subject.

Watching the Dow is interesting but watching the PnF indicators is imperative.

Jannikins
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