Steve,
My technical analysis is limited to the short and mid-terms (up to 2 months), thats all. However, I did an extensive simply chart read of the DOW, SPX, COMP.
Denver will win tomorrow, since my read is that the market will be basicly a down market for 1998. >>> ggggggg <<<
On a serious note, I am noticing head and shoulder patterns on the DOW and SPX, dont know what to make of the NAZ's long term projection.
Take a look at the pattern of the SPX:
1) LAST 3 TOPS: 12/5 @ 984, 1/5 @ 977, 1/20 @ 979. Basicly they were the same forming a triple top.
2) LAST 3 BOTTOMS: 12/12 @ 953, 12/24 @ 933, 1/24 @ 912. Each bottom of a short-term cycle was lower. On a chart, draw a straight line connecting these points - it doent look great from a simple chart read.
This is far from conclusive and needs confirmation. As I had indicated in previous posts, this past week was crucial. I believe that last week and the next 2 weeks are extremely crucial in determining the longer term direction of the market. I strongly believe that this period could be the pivot point as to the direction of the overall market for 1998.
For the immediate short-term, not sure of the direction.
For the mid-term we are still in range-trading-trend
For the longer-term, feel that we could go into a downtrend, with the bottom of the DOW at 6500. This is only from a simple chart read and needs alot, alot of confirmations. Do not put alot of credance to this since it is based on limited data, just one man's interpretation of a simple chart read.
But in light of this, Denver will win >>>> ggggggg <<<<<
Seeya |
