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Strategies & Market Trends : Tech Stock Options
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To: Larry S. who wrote (50003)8/16/1998 9:16:00 PM
From: donald sew  Read Replies (2) of 58727
 
INDEX UPDATE
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Dont think that many would argue that for the immediate short-term(1-2 days) that we are in a downtrend.

For the DOW there appears to be 2 short-term resistance lines, one being the 200 day moving average at 8500 and Friday's intraday highs at 8556. I the DOW stays below them, the probability is that the DOW's short-term downtrend will continue.

Still showing 2 strong support lines at 8200(8238-8166) amd 8050(8073-8035), and one of them should hold. There is a weak support at 8317 and that should most likely be broken.

I feel very comfortable that a rebound should start TUE, latest WED.

I now have a target date for the TOP of the forthcoming rebound and it should arrive SEPT 2-4(WED,THU,FRI). That is also when the bigger decline could start.

Seeya
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