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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To: Ocote who wrote (17867)	5/30/1998 10:39:00 PM
From: Doug R	Read Replies (1) of 79230

Ocote, I think it's difficult to call the blip in the 13 dRSI on Thursday a "peak" below 50. After looking long and hard at a gazillion lines on the S&P price chart and the 13 dRSI chart, at this point all I can say is a move below 1074 on Mon. should result in a quick completion of the correction making Tuesday "plummet day". The 13 dRSI is at a support area so if support is broken, use Monday to round up some cash. All it would take to break support is any down day but if 1074 doesn't hold... 4, 3, 2 and 7, 3, 10 stochastics show that the RSI support has a shot at holding up and a technically weak upward beginning to the week is probable. There's not alot in the indicators to provide a clear picture for the week's start. The "big money" is likely out of the market here and the program trading money likely has one foot out of the door. About the long slow decline scenario, the last time the 233, 21, 34 stochastics gave a sell signal was Aug. 97. It took over 2 mos. to resolve so it hasn't been too long since the recent sell signal...patience. TFCE was brought to my attention by Milesovscansov. I gave it a score of 53 also. During the Oct. correction APCO made a new high on the nastiest day. If Monday turns out to be a real downer, it would be nice to see TFCE do that too (not that I expect it). But I'd rather be long a stock like TFCE during a correction than anything else. Doug R

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