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: ivan solotaroff who wrote (37867)	12/23/2000 1:32:33 AM
From: Doug R	Read Replies (1) of 79429

Ivan, I had the same chart with about 6 fewer lines. It was too weird to mention though. I did watch the S&P VERY closely today as a result. My take on it----2 attempts at turning "sloppy" were rejected. Then an intraday IHS with an uptrending neckline was established. Uptrending necklines are very difficult to surmount. Also, since the formation was an IHS, there was an uptrend from the low of the head to the low of the right shoulder. Price hit the intersection of the neckline and the uptrend and the intraday downtrend. Rather than giving way to selling pressure, a properly bullish bounce ensued. The intraday downtrend and the uptrend off the low of the head of the IHS are readily seen in this chart...just about where the 2 moving average lines make that pivotal upside x-over: siliconinvestor.com The 2nd and 8th bars of this chart show the uptrending neckline: siliconinvestor.com The positive chart tone exhibited today may be due to lack of participation going into a 3 day weekend but 1.09 billion traded on the NYSE on such a day somewhat negates the lack of participation argument. In any case I have to say, on a market internal basis, today was the most positive day in about 3 months. As just one day goes...verification will be necessary.........soon (within 3 or 4 days). Stay tuned. Doug R

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