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Strategies & Market Trends : Tech Stock Options
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To: Darth Trader who wrote (41192)4/24/1998 2:34:00 PM
From: donald sew  Read Replies (1) of 58727
 
Darth,

Technically, there is not evidence yet of a huge pullback, just a technical one.

I still feel that the support line of 8750 on the DOW will still hold, if it even gets that low. There is another support line at 8900.

I feel that this pullback will need help from interest rate rising above 6% for it to break the 8750 support line.

This analysis is for the short-term (5 days). If there is no help from rising interest rates or some other negative news items it will rebound and the mid/longer-term uptrend is still intact. If the 8750 support breaks then will have to re-evaluate.

At this time I am not sure that we will be setting new highs again in the next 2 months accross the board, but am more leaning to an interim of range trading in the 8700-9200 range.

Seeya
Seeya
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