Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Investor2 who wrote (20117)	6/12/1998 10:02:00 AM
From: Robert Graham	Read Replies (2) of 94695

A pivot point is a value where the price of a stock or index can reverse. If a reversal does not occur, then the price will continue its current direction. A pivot point in my terms is identified by a support or resistance level which are concepts from technical analysis. For the DJIA, 8750 is a strong support. Once this level is broken the index will continue down and 8750 will then act as resistance to upward movement of the index. This means that once the DJIA is below 8750, a move up above this level can take time. Once the DJIA has broken through 8750, then it is likely that it will continue down to its 200 day MA which is at about 8250, IMO making this market correction an intermediate term top to the market. Bob Graham

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