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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Doug R

To: Magnatizer who wrote (70228)	2/24/2023 9:32:57 PM
From: Magnatizer	1 Recommendation Read Replies (2) of 79459

Weekly update Bears won most of the battles this week. I certainly don't see any testing of the Oct lows in the near future but I sure would like another bear week so I can build that long side up on the cheap. DJI: Fell out of the red uptrend this week, pretty key win for the bears there. There is the horizontal at 30454 which was never tested, I'll be heavy long DJI if we see it. The thick blue line gets pretty sticky once it's touched. Held the Dow in a uptrend range from Oct 17 to Nov 20. Grabbed it again in May 22 and may not have let go yet... TBD SPX Bulls lost the horizontal test (4158) and now 2 key uptrends in the last two weeks. 3715-3806 is my target downside here. If bulls can hold 3905 and accelerate north, 4158 won't be a problem on the next run up. NDQ Similar read to the SPX SOX Quite interesting. 3152 and the uptrend held resistance but the weekly bar was fairly neutral. I did grab a bit of NVDA this week but already out of it after a stall today. The SOX regaining 3067 this week would pull the tech sector north with it. It's a leader. Would be delighted to start rebuilding a swing trade position in the 24-2700s. RUT Fell back to testing 1887 again which it did not need to do after spending two weeks above it. Uptrends did hold support. If the uptrend at 1870 fails... this last 4 weeks will look particularly like a last gasp retest of the cross bar lows. I do not see playing the RUT ETF here but will get more active in the small cap stocks as it tests 1870-90. Trans Still in the uptrend, support test held. I like long entry in the upper 14,300 area. ME Neutral

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