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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who wrote (11150)	7/6/1998 3:18:00 PM
From: Robert Graham	Read Replies (2) of 42787

Not an impressive showing by the blue chips. The substantial gains are being "digested" by the market. I have seen the market stall right above a significant number like 9000 many times. Definitely not a confidence booster. The A/D for the NYSE is right now at a healthy 1700 to 1254 advancers to decliners. The S&P 500 is doing the best. It rallied from the start into a pennant pattern that it continued up from, went through a retrace of part of its rally, turned around to regain its value lost during the retrace and more. Now the earlier intraday high is forming a support at about 1153 to 1154. The next intraday support is 1150. So some strength is being shown by the market, but not to the advantage of the Dow or eventhe NASDAQ as much as the S&P 500. Like you said, there cannot be a sustained market rally without the DJIA. I would place this at a premium over the NASDAQ in what will determine the near future of the stock market due to the DJIA being at an important juncture. The next juncture for the Dow will be its previous high. Bob Graham

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