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Strategies & Market Trends : Technical Analysis - Beginners

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To: Richard Estes who wrote (7961)	1/24/1998 11:43:00 AM
From: Gale A. Thompson	Read Replies (1) of 12039

Good morning all... I wasn't exactly sure where to post this, but I thought maybe some here would find this of interest.... W.D.Gann: "Watch January 2nd to 7th and 15th to 21st; watch these time periods each year and note the high and low prices. Until these high prices are crossed or low prices broken, consider the trend up or down." Market.............Time............High............Low Dow...........01/02 - 01/07.......8072.91.........7751.56 Dow...........01/15 - 01/21.......7908.00.........7651.66 Dow...........01/22 - 01/23.......7833.26.........7609.31 NasDaq........01/02 - 01/07.......1602.88.........1547.52 NasDaq........01/15 - 01/21.......1590.66.........1541.29 NasDaq........01/22 - 01/23.......1588.11.........1568.10 RUT...........01/02 - 01/07........437.06..........429.79 RUT...........01/15 - 01/21........431.31..........421.75 RUT...........01/22 - 01/23........426.20..........424.81 The Dow: Because 7609.31 is already below the lowest value (7651.66) of the time periods specified, the DJ30 is in a down-trend. We will be considered in a down-trend (Gann standards) as long as we stay below 8072.91. According to Gann, we will not be in an up pattern until we breach the this point. Interesting to me how this simple litmus can account for the ranging that we are currently experiencing in the Dow. NasDaq: NasDaq is currently inside of the range set forth by Gann's trading dates. Our highs have been below Gann's high range and the lows above Gann's low range. As a result, we are ranging. The market is looking for direction and will give us an indication when we either cross above 1602.88 or dip below 1541.29. This would suggest (to me) that the lower to mid-cap stocks are showing more strength at this point. RUT: The Russell 2000 falls pretty much in line with NasDaq. The current lows have been higher than the Gann lows and the current highs are lower than the Gann highs. Again the Russell 2000 is in a ranging pattern. We will be bullish if it crosses above the 437.06 level and bearish if it dips below 421.75. This will be fun to watch and grade its use as a barometer for market sentiment and direction. -- Gt -- ______________________________________________ See Big Blue at 5202 Blue Avenue geocities.com

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