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Strategies & Market Trends : Charts With An Attitude; Trading In & Out

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To: Dave H who wrote (4306)	12/11/1997 8:54:00 AM
From: James Strauss	of 4701

Market Tops... >>>We also have three tops in both the DJ-30 & SP-500, however they were made divergently - DJ-30: highest top, lower top, lower top SP500: top, higher top, highest top According to Pring this is a very bearish signal when a key index like the s&p500 makes a new top but the dj-30 doesn't follow suit. I see the sp500 having a good chance to get to 940 and find that as support -- that's where the current longterm uptrend is right now, and there also seems to be a valid horizontal support line too. however, if 940 doesn't hold, I agree that the october lows would probably be the next stop....<<< ****************************************** Dave: For me, the S&P 500 is more critical than the Dow because it is more representative of the U.S. economy (500 Companies vs 30 Dow Companies)... The higher high on the S&P is less than one point... This pretty much makes it a flat double top for analysis purposes... I agree that 940, which resides at MA 89 will be the next area to watch... Jim

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